Alternative finance start-up Funding Invoice finances £6m of invoices in first year
Funding Invoice, an invoice trading platform and fintech start-up, is celebrating its first year of lending to SMEs across the UK, having funded £6 million in its first twelve months.
Funding Invoice connects SMEs with a network of high net worth investors, who will advance the value of any unpaid invoices. The firm’s average invoice payment time is 24 hours, which is 98% quicker than the standard time for small businesses operating in the UK to wait for payment.
Aamar Aslam, CEO of Funding Invoice comments: “We’re excited to be celebrating the completion of our first year in business. The last twelve months have seen Funding Invoice expand its team and move into a brand new office. Moving into year two, we will be looking to grow even further and finance far larger invoices on a monthly basis.”
Funding Invoice’s customer base is largely made up of SMEs turning over £0.5-2 million annually, with over a quarter (26%) of its clients being made up of technology firms. Other key sectors the firm is currently helping to finance include construction, engineering and fashion; sectors which most frequently suffer from the problem of late payment.
Aslam concludes: “There is a lot of space in the peer-to-peer lending market for firms like for us to begin rivalling banks, not just in terms of speed and service. The future of this industry is hinged on making businesses more aware of the alternative options available, and this is certainly something we want to achieve into the next year and beyond.”