Accelerated Payments advances €300m to SMEs during Covid crisis
Accelerated Payments today announced it has advanced €300m worth of invoice financing to SMEs across the UK, Europe, and North America since its inception.
Despite the challenges of Covid19 many businesses have continued to grow through the support of Accelerated Payments, which provides a critical lifeline to manage cashflow challenges.
Founded in 2017, Accelerated Payments has become one of Europe’s fastest growing fintechs and a leader in the alternative finance sector. The company solves the problem of cashflow 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.
“We’ve continued to grow rapidly during the pandemic thanks to our solid and easy to access service, global reach and our dedicated team,” said Ian Duffy, CEO, Accelerated Payments. “With our support, many businesses have managed to grow and scale despite the challenges of Covid-19, proving that with the right support we can not only keep the economy going but see companies thrive as well.”
During the past year a few trends have also emerged, including an increase in exports to countries outside the EU post-Brexit and longer payment terms. Accelerated Payments has stepped up to provide support during this critical time, as the company has experience with SMEs trading internationally – and is a key strength that sets it apart from other fintech providers.
Accelerated Payments works on a global basis with offices in North America, Asia and Europe, and has the expertise and network to fund exporters that invoice worldwide.
Over the next year the company wants to continue raising awareness about invoice financing and how it can help more businesses manage their cash-flow challenges, especially as government loans come to an end post Covid and businesses continue to be turned away by banks and other traditional providers.
Added Ian Duffy: “More than ever we need to continue to get liquidity to companies. Covid-19 has led to a reduction in credit from banks and exposure limited in the credit insurance sector. But SMEs and entrepreneurs are ongoing in their need for a lifeline to get through the next year and there is an unwritten responsibility of lenders to support their clients. Invoice financing can address this issue head on, and we need to make more companies aware that this type of service is available to them.”
Based in Dublin, with offices in London and Toronto, Accelerated Payments has funded 30,000 invoices for over 300 clients since its inception. Clients hail from North America, UK, Ireland and the rest of Europe, and operate across different sectors.