Dublin’s Accelerated Payments hits €1bn invoice funding milestone

The company expects to exceed the €2bn milestone by the end of 2024, thanks to growing global demand for its financing services.

Irish fintech Accelerated Payments has announced a major milestone, as it managed to advance more than €1bn worth of invoice financing by its five-year anniversary.

Founded in 2017, the company has built a client portal that enables users to upload and select invoices for funding. Once approved, payment is usually advanced within 24 hours.

Since then, Accelerated Payments has grown significantly by providing funding for more than 350 clients, covering more than 1,300 debtors across 40 countries. The Dublin-headquartered fintech has also expanded its team, with offices in the UK, Canada and the US.

The company said it has experienced a steady increase in volume each quarter since its founding, processing more than 100,000 invoices to date. Accelerated Payments CEO Ian Duffy said the latest milestone highlights the value of the service it provides, “even during a time of great market uncertainty”.

“When we started this business five years ago, we would have never imagined that we would have advanced €1bn worth of invoice finance in such a short period of time,” Duffy said.

“We have managed to give ambitious companies a critical lifeline during the pandemic and post Brexit – and we are currently working to mitigate their financial risks during a global crisis that shows no signs of slowing down.”

In 2020, the fintech secured a €20m senior debt line from Channel Capital Advisors in order to support its expansion goals. Duffy described the deal as a “big milestone” at the time to the Sunday Independent.

Accelerated Payments said it has created a strong group of partners since its founding, such as financial brokers, high street banks and private equity companies.

The Irish fintech has a new target goal, as it expects to exceed €2bn in total invoice funding by the end of 2024.

“We have the tools, resources and contacts to accelerate the growth of many more companies and look forward to supporting them wherever they wish to expand in the world,” Duffy said.

10 things you need to know direct to your inbox every weekday. Sign up for the Daily Brief, Silicon Republic’s digest of essential sci-tech news.