The Asset Based Finance Association has released new figures showing that turnover from UK firms which use invoice finance is the highest anywhere in Europe.
The new data shows the amount of turnover by country from companies utilising invoice finance in Europe, with the UK clearly out in front with turnover figures of €122 bn. The next highest is France with €84 bn, closely followed by Italy with €82 bn. Surprisingly, Europe's largest economy, Germany, is only fourth with €75 bn.
The figures also include the percentage GDP penetration for companies using invoice finance, with the UK in second place with 14% of GDP, compared to first placed Portugal with 17% and third ranked Ireland with 11%.
Kate Sharp, chief executive of the Asset Based Finance Association,
commented: "These figures confirm the central part that invoice
finance plays in the funding of UK and Irish businesses. It is also
interesting to see that nearly every European country saw clients which
use invoice finance record double digit turnover growth compared to
last year. This demonstrates that companies which use this type of finance
are successfully growing and trading, which in the current economic
climate is extremely positive."