The company was founded in 1982, and boasts that it has been funding its longest-standing client since 1989. The discount fee (essentially the interest you are charged on the advanced invoice) is typically 1-3.5% of the invoice amount, while the service fee (the amount you are charged for the invoice factoring service) is between 0.5% and 3.2% of your company’s annual turnover.īibby really stands out thanks to its scale – it provides funding to over 7,000 businesses and has experience and insight in sectors including construction, recruitment, manufacturing, and wholesale. They offer bespoke funding solutions, and advance up to 100% of the invoice value within 24 hours. ✅ Provides funding to over 7,000 businessesīibby Financial Services is one of the big hitters in the world of invoice finance, with a great track record and strong industry expertise in a variety of areas. One thing to note is that, to be eligible for selective invoice finance, companies must have six months of trading history, so it’s not available to very early-stage startups. This is based on 78 reviews and the dedication and professionalism of the GapCap team comes up again and again – with one reviewer noting that he has his account manager on WhatsApp, and he replies day and night. The company assigns a dedicated account manager to each client and, perhaps as a result, scores very highly on customer service, with an average of 4.8 on Trustpilot. The lender offers an advance of up to 85% of the invoice value and prides itself on a speedy application process, with most clients receiving an offer within 24 hours of application. Through what it calls selective invoice finance, GapCap allows companies to raise money on upcoming invoices on an ad hoc, contract-free basis, a refreshing change from the binding contracts required by some providers. If you want to use invoice finance occasionally rather than making a firm commitment, then GapCap could be the ideal solution. These reviews praise the company for being friendly, efficient and responsive.
Unlike some lenders, Optimum Finance does not have a presence on a customer reviews website but it does have a rating of 4.6 on Google (albeit from 12 reviews). Invoice factoring customers also get access to E3, a real-time online system that means you can monitor your Optimum Finance account and sales ledger 24/7.
This compensates Optimum clients in the event that their customers encounter financial difficulties and are unable to pay what they owe. It offers rapid access to up to 85% of the invoice amount, and, for an extra fee, can provide businesses with debtor protection. One key selling point is that, unlike many lenders, Optimum Finance has no minimum turnover requirement, making it a great choice for startups that need extra funding. The team behind Optimum boasts decades of business finance experience, and the lender explicitly bills itself as an SME specialist that offers bespoke solutions to a wide range of UK businesses. It may have only been founded in 2017, but Optimum Finance has already made some serious waves in the world of invoice finance, and it issued £60.9m of business funding in 2018.
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