With the support of Channel Capital Advisors, Accelerated Payments aims to grow its loan book from €25m to €50m over the next six months.
Irish invoice-financing business Accelerated Payments has secured a €20m senior debt line from Channel Capital Advisors to support its expansion goals. The company’s chief executive, Ian Duffy, told the Sunday Independent that the deal is a “big milestone”.
Headquartered in Dublin, Accelerated Payments provides finance to SMEs with an immediate need for working capital to fund growth opportunities or maintain operations while they wait for invoices to be paid.
The company was launched in 2017 by Duffy, Dylan Martin and Colm Devine. It has built a client portal that enables users to upload and select invoices for funding. Once approved, payment is usually advanced within 24 hours. The business supports SMEs that trade domestically and abroad.
The latest funding
With the support of Channel Capital Advisors, Accelerated Payments is aiming to grow its loan book from €25m to €50m over the next six months. The business plans to expand its services in the UK, Europe and North America.
According to the Sunday Independent, the deal with Channel Capital Advisors will grow to a €50m programme supporting the Irish company’s SME clients over the next year.
“It is a massive vote of confidence, and we are very excited about that,” Duffy told the publication. “I wouldn’t have wished to have had Covid-19, but one of the positive side effects of it is that it has proven our credit model and we secured this funding off the back of it.”
He added that he hopes to increase the company’s loan book to more than €100m by the end of 2021, while growing the company from 23 employees to 35.
In a statement, head of debt products at Channel Capital Hilmar Hauer said: “This is our ninth transaction since the beginning of the pandemic in March where we are bringing competitively priced financing for receivables for this successful fintech operating in North America and Europe.
“It is a testament to the quality of the risk management and capability of Accelerated Payments that we were able to secure these funds for their business.”