One of the UK’s top invoice finance firms has now provided over £60m of finance to UK SMEs within just two years of its inception.
It’s another significant milestone for Platform Black, which was recently dubbed “Alternative Commercial Lender of the Year” at the Credit Today Awards. Platform Black allows businesses to selectively auction their invoices online and receive up to 90% of the value of each invoice from the platform’s investors. The first auction was held in June 2012. Within its first six months, the platform had traded around £1 million of invoices. Over the past six months, Platform Black has traded roughly £25 million of invoices – including a single invoice of £1 million.
Louise Beaumont, Co-founder of the platform, commented:
“This is a major development in the relatively short life of our company. In less than two years, we have traded over £60 million which is an incredible achievement for Platform Black. It illustrates that our flexibility, creativity and transparency is delivering exactly what our customers want, especially in the wake of the tide of demand for business funding outside the traditional high street banking sector.”
“Not only is our business model creating a whole new financial service for SMEs, we are also establishing a new asset class of short term debt for investors.
“We are proving to be a totally flexible and absolutely complementary form of finance for SMEs throughout the UK.”