We’re proud to have agreed over £200m worth of new Invoice Finance facilities to UK companies over the last 12 months. One of our latest partnerships is with Quba Solutions whose £10 million facility will enable the business to expand into multiple sectors.
As one of the fastest growing providers in the market, this milestone was achieved through our commitment to simplifying the customer journey. To support this, we’ve hired a dedicated and experienced team of senior business development managers.
The new team has focused on building strong and long-lasting relationships, which are enabling us to provide funding into the private equity, acquisitions, back-to-back funding, asset-based lending and specialist finance spaces, resonating with the advisory community. In 2017, we supported businesses that required increasingly larger and more complex funding solutions ranging from £50k to £13m.
Quba Solutions, one of our latest partnerships, offers contract finance products to the recruitment industry, combining both funding and back office capabilities to their customers via an online platform. The platform allows users to finance their working capital requirements, as well as offering debt insurance cover and assistance with digital timesheets and accounting.
The £10 million finance facility from us will enable the business to expand into multiple sectors and further solidify their position as the financier of choice for the recruitment sector.
Ashley Lyas, founder and director of Quba Solutions said: “We are delighted to be working with Aldermore and look forward to a fruitful working partnership over the coming years. We have a long-standing vision to become the leading invoice financier in the recruitment sector and believe that our digital platform offers something genuinely unique to the marketplace. Compared to other more traditional lenders in the market, Aldermore is a forward-thinking and diverse organisation. What set them apart was the time they took to understand our business, resulting in them being able to deliver on all the changes we set them with pace and precision.”
The Invoice Finance sector is providing more support to UK SMEs than ever before, with funding volumes up by 4%1 year on year. Our Future Attitudes study found that over a third (35%) of SMEs now say that their business is financed through alternative forms of finance. Despite this, not all businesses can access the funding they need, with over a fifth (23%) missing out on at least one new opportunity in the last year.
Chris Meldrum, National Business Development Director at Aldermore, said: “Reaching this milestone is testament to the work we are doing in providing alternative finance options to businesses across the UK. Getting the right people in place and building trust amongst our customers and intermediaries has enabled us to also offer increased funding to larger businesses. Through our expertise and the quality and consistency of service we can provide, we are making real headway in our core markets. We have a reputation for innovative and bespoke funding solutions. It is important that we continue to innovate and ensure that firms of all sizes across the UK are able to access vital funding."
1 Data from the IFABL update - 8 June 2018
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