The scheme is focused on helping over 300,000 small businesses in Britain to access alternative finance via a cash advance based on their future credit and debit card sales.

The global payment processing technology firm launched the scheme in 2015 in partnership with finance provider Liberis and has delivered over £50m worth of funding to UK SMEs.

Under the scheme, funding can be made available to businesses in just 72 hours.

In 2017, the company tripled its funding for growth to UK SME businesses and has now advanced over £40m.

Research by Worldpay found that businesses under five years old are just as likely to select alternative finance to secure capital as they are to approach banks.

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Direct investment in businesses in 2017 – including stock purchase, expansion and refurbishment funds and equipment purchases – drove 87% of the cash advances, according to analysis by Worldpay.

Steve Newton, executive vice-president of UK and Europe at Worldpay, said: “Worldpay Business Finance has proven extremely popular with small businesses looking for alternative methods of finance.

“Worldpay Business Finance was created specifically with the unique needs and structure of small businesses in mind – it’s flexible and it’s fast.

“So, over the next year, we’ll make it easier to access the scheme by increasing call centre and online support to enable Britain’s small businesses to thrive.”