Crossflow Accelerates Growth With New Contracts & $1.8bn Origination Facility
Oct. 2, 2018, 01:00 AM
New corporate clients increase Q3 Origination Volumes increase by $1.8bn
Unparalleled acceleration of growth for Corporate Fintech
Corporate deals establish a market leading position in Asia, the Middle East and Europe
Sector wins encompass engineering, distribution, and manufacturing businesses
LONDON, Oct. 2, 2018 /PRNewswire/ -- Crossflow the global fintech working capital marketplace, which enables institutional funding providers to finance the receivables of corporates, has announced a major acceleration in its growth with new contracts wins in Singapore, the UAE and the UK.
These new deals create the margin opportunity for Crossflow to exceed its 2017 £20m turnover, bringing it closer to Funding Circle, the leading SME term loan fintech, who reported revenue of £94m in 2017.
This acceleration in the Asian and Middle Eastern markets highlights the growth and the attractiveness of Crossflow's globally scalable model in the supply chain finance market.
This news bolsters Crossflow's position as one of the 'Fastest growing UK Growing Companies'. Crossflow is a member of ELITE, London Stock Exchange Group's business support and capital raising programme, which includes over 900 companies from 33 countries across 34 sectors. As part of its update to the Elite team, Crossflow was able to share details on the new contracts.
Commenting on the contract wins, Tony Duggan, Chief Executive of Crossflow Payments said: "Building our authority with large corporates and funding providers takes time but we are now seeing the benefit of our investment. We will continue to increase volume and leverage our technology. Our cost base, which almost saw us breakeven in 2017, is illustrative of the scalability of our service as a global fintech platform."
About Crossflow Payments
Crossflow is a technology-driven alternative finance platform delivering an innovative supply chain finance solution to large corporates and their suppliers.
The unique platform improves working capital for businesses by providing SMEs with instant access to finance against their outstanding invoices without the need for onerous personal guarantees. Crossflow Payments is backed by sophisticated institutional investors who provide significant firepower, enabling Crossflow to play a crucial role in helping businesses seize opportunities for growth. The business is a member of the London Stock Exchange Elite programme, which supports the global growth of UK companies.
https://www.crossflowpayments.co.uk/
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