SME funding provider Accelerated Payments have announced on Friday that they have advanced €210m worth of invoice financing as it celebrates its third anniversary. The milestone comes as the fast growing European fintech triples its work force and extends its global reach, with plans to further expand into America from its Toronto base next year.
Founded in 2017 by entrepreneurs with many years’ experience in financial services, Accelerated Payments addresses the problem of cash flow for businesses through a flexible and innovative individual invoice financing service.
Companies decide which invoices to fund by using a simple, client portal, that allows businesses to upload and select invoices for funding. Once approved, payment is advanced usually within 24 hours.
Another key strength of the company is its ability to support SMEs trading internationally. Accelerated Payments works on a global basis and can therefore fund exporters that invoice worldwide.
“We are extremely proud of the success of the company and the valuable support it offers to businesses as they grow,” said Ian Duffy, CEO, Accelerated Payments.
“While other competitors have struggled during the pandemic, we continue to grow from strength to strength, thanks to our solid product offering, loyal customer base, geographic reach and our dedicated and passionate team. Moving forward we want to raise awareness about invoice finance and how it can help more businesses get the capital they need to scale and manage their cash-flow challenges – especially during the COVID-19 pandemic, where government loans, if available, don’t fit the requirements of all businesses and there’s an urgency to address liquidity challenges head on. Also in the pipeline is future expansion into North America, where we see untapped opportunities for our services.”
Based in Dublin, with offices in London and Toronto, Accelerated Payments has funded 15,500 invoices to 325 companies since its inception, offering a critical lifeline to SMEs that need to manage their cash-flow challenges. As well as funding the invoices, the firm also credit insures the debtors, giving extra piece of mind should there be any issues with settlement.
Clients hail from North America, UK, Ireland and the rest of Europe, and operate across different sectors, including recruitment-contract staffing, manufacturing, retail, healthcare and telecommunications.
The firm has established a strong partner ecosystem with other alternative financiers over the years, including brokers, alternative lenders, and its FX partner, Clear Treasury.