Fintech Accelerated Payments hits 1.5bn in invoices advanced
Business funding provider Accelerated Payments today announced it has advanced an additional €500m to businesses globally in the past nine months, bringing the total to €1.5bn on its sixth anniversary.
The impressive amount showcases the strong surge in demand for the company’s innovative invoice financing solutions, which offers a fast and convenient way for scaling firms to access working capital otherwise tied up in outstanding invoices.
Founded in 2017 and headquartered in Ireland, Accelerated Payments addresses the problem of cashflow for businesses through flexible and bespoke invoice finance solutions.
Companies decide which invoices to fund by using a simple, streamlined client portal that allows businesses to upload and select invoices for advanced funding. Once approved, payment is advanced usually within 24 hours. As well as advancing the invoices, Accelerated Payments additionally provides credit insurance as part of its solutions, providing an additional layer of protection and added value to its clients.
The announcement comes at a time when the business has more than tripled its workforce to include a strong female leadership team, boosted its strategic partnerships with brokers, financial and advisory firms and extended its global reach, with offices in Europe, the UK, Canada and the USA.
The company celebrated advancing €1bn in invoices funded in January of this year, soon after its fifth birthday. Since then it has advanced a further €500bn over a period of just nine months, growing the size and influence of the company in the markets it operates in.
A number of factors have contributed to this strong rate of fast growth, including the firm’s seamless, cross-border, international funding capabilities. To date Accelerated Payments has advanced funding on more than 120,000 invoices to circa 450 clients and 1800 debtors across 45 countries, allowing businesses across sectors to overcome cashflow challenges as they grow across borders.
Another reason to this rapid success is the company’s focus on collaborations, working alongside traditional funding institutions such as banks to support more businesses without affecting any existing security arrangements that may be in place between the bank and its clients. Accelerated Payments has increased the number of partnerships with brokers, debt advisors, and financial firms and is working with clients that already have credit facilities in place with a bank. The company partners with banks to provide solutions that sit outside a banks existing product suite to support their clients and to make it easy for other businesses to refer clients to Accelerated Payments.
A diverse hiring strategy has also been vital to growth. The appointments of Sarah Disney as operational risk manager, Karimi Nash as head of settlements and Yumie Nakahashi as client operations manager mark three additions to the management team, as the fintech doubles down on diversity of thought and equality of opportunity to continue its impressive growth.
Commenting on the company milestone, Ian Duffy, founder and CEO of Accelerated Payments, said: “I am humbled that businesses around the world have entrusted us with over €1.5bn in invoice financing, and that the people we’ve hired have dedicated their expertise and commitment to help them scale and thrive. To reach this milestone within six years of operations is a momentous achievement, underscoring the invaluable impact of our funding on businesses as they scale across borders. In the coming years, we will maintain and amplify our focus on flexibility and innovation, adding support for new regions and launching further funding capabilities.”
He added: “Harsh economic conditions are hampering ambitious businesses in every industry but Accelerated Payments is here to help. We are extremely proud to have created a flexible funding source, enabling companies to alleviate cash-flow challenges limiting their growth. As we celebrate yet another milestone, I want to thank our strong base of existing and new customers for continuing to support us as we pioneer the tools available to businesses of all sizes, increasing resistance to liquidity challenges.”
