Expedited Payments surpassed 500 million euros in bill funding as it celebrates its fourth anniversary, according to a note from FinTech. The company also noted that it had expanded its UK office to support the growing number of businesses struggling with supply chain issues and the end of leave programs.
Founded in 2017, Accelerated Payments provides SMEs with the ability to get cash faster on invoices globally.
Ian duffy, CEO of Accelerated Payments, said the milestone reflects the support they provide to businesses in difficult economic conditions:
“Despite the current climate, companies still want to grow and export globally, but it’s an impossible task when bills aren’t paid on time. Our business model, which settles unpaid invoices in advance, provides the peace of mind businesses need to help them continue to grow, even when the odds seem against them. The pandemic has accelerated the need for our service and as we emerge from the crisis we expect increased demand for our product offering as companies continue to seek other sources of funding. We are grateful to our loyal customers and the trust they place in us, as well as the dedicated team who have helped us reach this stage of our business.
Accelerated Payments is based in Dublin, with offices in London and Toronto. The company has reported more than 44,000 financed invoices to more than 300 companies since its inception.
Expedited Payments recently became an asset creator for a finance-based non-fungible token (NFT) transaction.
In addition to finance invoices, accelerated payments also provide credit to debtors.
Dufy added that they believe the next 18 months to 2 years will be particularly busy for the SME alternative finance sector, as SMEs move from public finance to the private sector.
“As we gain traction in North America, Canada and the UK, we see an abundance of opportunities for ourselves and the businesses we aim to serve. “