UK's Platform Black hits £100 million mark
Platform Black, an invoice-trading platform based in the United Kingdom, announced earlier today it has funded more than £100 million in its three years of existence.
A Platform Black Director said the achievement is a testament to a combination of the firm’s business plan and a clear need for SME funding.
“We are one of only a few that have raised over £100 million, which is testament to the strength of our business,” John Regan said. “This benchmark demonstrates our commitment to supporting SMEs seeking efficient cash management and growth.”
“We’re filling the gap where banks are perhaps unable to help and bringing alternative finance into the mainstream.”
Since 2012 Platform Black has assisted 185 companies. In a release they said there is significant global interest in funding SME’s which means great rates for borrowers.
Businesses are discovering that and that is leading to increased traffic, Mr. Regan said.
“We saw strong growth in the first half of the year and the trend is continuing. In particular the number of funders on the platform has risen exponentially, directly benefiting SMEs looking to release working capital quickly.”
Those businesses appreciate receiving needed funds in only a few hours in some cases.
“Our proactive approach to risk enables us to support these UK businesses in freeing up cashflow, with funds often available in a few hours, but importantly, it also reflects our robust and sustainable business model,” Mr. Regan added.