- 22 May
Optimum Finance Are Planning Further Expansion.
Optimum Finance, the Bristol based invoice finance company, have apparently achived some pretty impressive growth recently, with further expansion planned.
Optimum Finance Are Growing Rapidly
A press release, just received from Optimum Finance, the specialist SME invoice finance and factoring company, states that first quarter 2019 results show growth of 15% in Q1 over Q4 2018, and 166% growth compared with the same quarter in the previous year.
Optimum is also 32% up against its targets for new business. This growth has given rise to investment in new technology that is designed to automate the process of securing funding, using a web based app for new clients. This development follows the launch, last year, of their app for introducers - delivering a 60 second decision on new applications. They have also taken on 5 new staff across sales, client management and technology departments.
Comment From Their CEO Richard Pepler
CEO Richard Pepler commented on the recent growth:
"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.”