Platform Black breaks through £60m barrier in less than two years

Platform Black breaks through £60m barrier in less than two years

Platform Black, one of the UK's leading invoice trading firms, has announced that it has now provided over £60m of finance to UK SMEs, a significant milestone for the company within just two years of its inception.

Platform Black, which was recently named ‘Alternative Commercial Lender of the Year', enables SMEs to select the invoices they want to finance and set the maximum price they are prepared to pay - investors then compete to drive down the cost of finance the SME pays. It empowers British businesses to control their own cashflow by turning invoices into working capital at a price they set or less.

Louise Beaumont, co-founder, commented: "This is a major development in the relatively short life of our company. In less than two years, we have traded over £60 million which is an incredible achievement for Platform Black. It illustrates that our flexibility, creativity and transparency is delivering exactly what our customers want, especially in the wake of the tide of demand for business funding outside the traditional high street banking sector."

The company, which allows businesses to auction invoices online with investors advancing up to 90 per cent of the invoice value, held its first auction at the end of June 2012. Within the first six months, Platform Black had traded around £1m of invoices. The company has traded around £25m of invoices in the last six months - including a single invoice of £1m.

"Not only is our business model creating a whole new financial service for SMEs, we are also establishing a new asset class of short term debt for investors," added Louise Beaumont. "We are proving to be a totally flexible and absolutely complementary form of finance for SMEs throughout the UK."

Platform Black is a member of the Alternative Business Funding collaboration, which is consulting with the Government on how to improve access to finance for SMEs following the commitments made by George Osborne in the March 2014 Budget.

For more information, or to arrange an interview with Louise Beaumont, please contact Anita Saunders on: 01825 765617/07769 682373 or by email: anita@themarketingeye.com

Notes to editors:

  • Platform Black offers an innovative platform where customers trade their invoices.
  • Platform Black offers a flexible service that allows businesses to raise money when they need it - at a price they set, or less. The service offers companies a straightforward way to release the money tied up in outstanding invoices back into the business.
  • Platform Black has advanced more than £60 million to UK businesses to date and it is providing access to £6m per month in new finance.
  • During 2013, over 850 auctions were held, with a 100% success rate.
  • Platform Black was founded by Louise Beaumont and Colin Levins in 2011.
  • In addition to Invoice Trading, Platform Black also offers Supply Chain Finance - which allows suppliers to auction company-validated invoices at attractive terms.

Posted: 20th of May 2014


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