Accelerated Payments (AP), an invoice financing Fintech, is reporting that it has hurdled €750 million worth of financing to SMEs across the UK, Europe and North America. The financing arrives as most companies emerge from post-covid lockdown only to get hammered by rapidly rising inflation. Founded in 2017, Accelerated Payments claims to be one of the fastest-growing Fintechs in Europe.
Ian Duffy, CEO of Accelerated Payments commented in a public statement that more than ever companies need help. Post-Covid, businesses are struggling following public support plans but inflation is creating new problems.
“For companies in the UK, they have the additional burden of Brexit – and all the challenges that come with leaving the EU. All of these factors have contributed to our rapid growth – and we are in the best position to help companies with our platform. We offer an industry-proven and easy to access service, as well as global reach and a dedicated international team.”
Accelerated Payments points to its recent expansion and new hires in North America as an area of growth. The company says it has managed to widen its pool of clients by partnering with Virgin Money to support the development of its business banking proposition and bring additional services to customers. Accelerated adds that it is working with XDC Network and Tradeteq, which launched the world’s first trade finance-based non-fungible token (NFT) transaction with Accelerated Payments as the asset originator.
In the UK, over the past 18 months, Accelerated Payments says it has seen an increase in exports to countries outside the EU post-Brexit and longer payment terms.
Over the next year, the company expects to boost its sales force and raise awareness about its products now that Covid-related government loans have stopped and businesses continue to be turned away by banks and other traditional providers.
“More than ever we need to continue to get liquidity to SMEs. With our support, many businesses can still find the means to grow and thrive despite the challenges ahead of them,” said Duffy. “We are passionate about what we do and hope that by the end of the year we will have supported even more companies on their scaling journey. We aim to achieve this through our network of partners, as well as our own outreach to make more companies aware that our services are available to them.”
Based in Dublin, Accelerated Payments states that it has funded 67,000 invoices to 300 companies since its inception.