Accelerated Payments advances €750 million to businesses as inflation and energy prices soar after Covid

Fintech alternatives to traditional finance Accelerated Payments (AP) today announced it has advanced €750 million worth of invoice financing to SMEs across the UK, Europe and North America – as companies emerge from post-covid lockdown and face new pressures to expansion such as soaring inflation and sky-high energy prices.

During the challenging times, Accelerated Payments has become one of Europe’s fastest-growing FinTechs, providing hundreds of businesses with a critical lifeline to manage cash-flow challenges during their scale-up journeys.

The company was established in 2017 and provides flexible and efficient working capital solutions for businesses to manage their immediate cash flows. By paying individual invoices upfront, companies can free up capital that has been clogged up with paperwork. The service offered by Accelerated Payments is easy to use – companies simply access a client portal that allows them to upload and select invoices for funding. Once payment has been approved, it is usually processed within 24 hours.

The announcement comes on the heels of the firm’s recent appointments of industry veteran Neil McMillan as Head of North America and Steve Conrad as VP of Business Development for North America, a region that is seeing rapid demand among fast-growing Canadian and US businesses for its services. The company has also 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 and 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.

Commenting on this milestone Ian Duffy is the CEO of Accelerated payments said: “More than ever companies need our help. Post-Covid, businesses face difficulties with the ending of government grants and furlough programmes as well as an unprecedented increase in the cost to live. 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.”

The company wants to support more British companies. It has witnessed an increase in exports to EU countries over the past 18 months and longer terms for payment. As it has extensive experience with international SMEs trading, Accelerated payments can provide liquidity at this critical time. This is a distinct advantage that distinguishes it from other fintech providers.

Accelerated Payments is a global company that has the network and expertise to finance exporters who invoice around the world.

The company plans to grow its sales team and increase awareness about invoice financing. It can be used to help more businesses manage their cashflow problems.

Ian Duffy has been added: “More than ever we need to continue to get liquidity to SMEs. Many businesses can still thrive and grow with our help, despite all the obstacles they face. We are passionate about what they do and hope to support more companies in their scaling journey by the end. 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.”

Accelerated Payments is based in Dublin and has offices in London, Toronto, and London. Since its inception, Accelerated Payments have funded over 67,000 invoices for 300 companies. The clients hail from all over Europe and include companies in the UK, North America and Ireland. These customers represent more than half of the new clients to invoice financing. They range from small businesses to large companies.

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