Invoice Cycle has today become InvoCap to reflect its updated range of products.
In keeping with an industry trend, Invoice Cycle is expanding beyond its core invoice finance product. The UK-based platform has today rebranded as InvoCap, in tandem to launching a range of longer-term products.
Its products now include flexible credit lines, spot invoice financing and ledger loans. The revamped product set is focused on offering customers longer-term repayments and larger loans.
The strategic shift is reminiscent of sector-leader MarketInvoice’s evolution over the past eighteen months, during which it has launched open funding lines and business loans. In addition to providing greater choice for customers, elongating terms also tends to help platforms to attract institutional funding, since investors are able to commit larger amounts over longer periods of time. MarketInvoice again springs to mind as a good case-in-point.
With its new products live, InvoCap (active in both Germany and the UK) hopes to hit £100m in cumulative origination in the next 12 months. The firm has lent out £40m to date.
Dave Cockle, the platform’s UK managing director, commented: “We are so much more than just invoice financing, we acknowledge that every customer is unique, and their needs are different. Understanding this, means we understand that a unique approach is needed to ensure that we deliver the right product to each and every customer whether this is by way of a business loan, a revolving facility or invoice finance – we can help.”
Invoice Cycle launched in the UK in 2016 with the goal of eliminating cash flow challenges for businesses.