Specialist in SME finance Optimum Finance has published its first quarter results for 2019 to show growth of 15% in Q1 over Q4 in 2018, and 166% growth compared to Q1 in 2018, as small and medium-sized enterprises continue the upwards trend of using invoice finance and factoring services to manage cash flow.
The business is also 32% up against its targets for new business secured from business owners looking to source immediate and flexible solutions for financial pressures as debtor days continue to rise in the UK.
The firm’s growth is leading to new investment in technology designed to automate the process of securing funding with a web-based app for new clients.
The company’s results have led to five new appointments across the business in support and client service roles including Kerry Hodgson as head of client management, Steve Goulden, regional sales director for the Midlands, Lynn-Marie Stephenson, regional sales director for the North, James Beck as chief technology officer and Lisa Gregory in the credit control team.
Optimum Finance has also launched its graduate programme with the appointment of two graduate trainees, Reuben Keating and Sian Low.
Commenting on this recent growth CEO Richard Pepler said: “It’s no secret that with banks’ rigid lending conditions SMEs have been increasingly looking to other routes to unlock the cash in invoices rather than go through time-consuming and lengthy approval processes for loans, crowdfunding or overdrafts, which lock them in, often at high borrowing costs.
“Our funding solutions are often used to offset the credit control cost and administration, making it a highly cost-effective and flexible way of ensuring cash stays in the business.
“The process of running a business has changed in the last few years and the banks have not kept pace with the changes. Technology is at the heart of every business; automation and improving efficiency of the finance function is essential to the future success of all SMEs.
“Our business model is tailored to meet these changing needs and this is reflected in our fast growth. We have created a new CTO role as part of our mission to revolutionise the finance function for the UK’s SME companies which make up the backbone of the UK economy.”Categories: In the News