Funding Invoice lends 6m in first year

Funding Invoice lends £6m in first year

Alternative finance and fintech start-up Funding Invoice has reached £6m of lending in its first year of business.

The Surrey-based invoice trading platform connects SMEs with a network of high-net-worth investors who advance the value of unpaid invoices.

Funding Invoice claims that its average invoice payment time is 24 hours, 98% quicker than the standard length of time for small UK businesses to receive a payment.

Aamar Aslam, CEO of Funding Invoice, said: “We’re excited to be celebrating the completion of our first year in business.

“The last 12 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 largely serves SMEs with an annual turnover of between £0.5-2m, with some 26% of the firm’s clients being technology firms.

Other clients include construction, engineering and fashion businesses. 

Aamar added: “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.”

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