Invoice finance firm Optimum Finance is reporting a record year for 2019 having reached a major milestone in over £100 million invoices funded last year (up from £71 million in 2018).
With reported income up 54% year on year, the business has also increased client numbers by more than 50% reflecting the growing need for small businesses to access fast, flexible funding to stimulate cash flow and unlock capital.
Staff numbers have grown by 40% on the back of this strong business performance as the fast-growth firm looks to challenge the market with industry-first technology, double its funding to SMEs in 2020 and the creation of a new senior role of head of risk with an appointment due imminently.
Now in its third year of trading, Bristol-headquartered Optimum Finance is currently rolling out new proprietary technology targeted at intermediaries – commercial brokers and accountants. This investment in technological development positions the company firmly in the fintech sector and will facilitate the digital transformation of previously manual application and approval processes for new customers as well as the digital transfer of financial data and information.
Commenting on the results, Optimum Finance CEO Richard Pepler said: “Our performance in the last year is testament to the highly experienced team we have in place. Our relationships with intermediaries and the SME businesses we fund are the bedrock of how we do business.
“This year we are focused on rolling out our market-leading technology which will remove manual processes and enable closer working relationships between our account managers and their business customers.
“We want to challenge the status quo in the market which has existed for many years and this, coupled with the forthcoming growth in our funding line, will mean we can support many more small and medium businesses in 2020 and beyond.”