Invoice Finance Charges
Analysis – January 2026
Analysis of new invoice finance debentures registered at Companies House for January 2026. January 2026 recorded 371 new IF charges, a change of +18 versus January 2025 (+5.1%). Growth was driven by mid-tier independents (+24) and specialists (+13), while banks contracted by 21 charges.
Jan 2026 Total
371
new IF charges
Headline Var.
+5.1%
vs Jan 2025
Mid-tier Growth
+24
58 → 82 charges
Top Sector
77
employment activities
Summary
January 2026 recorded 371 new IF charges, an increase of +18 versus January 2025 (+5.1%). This was the highest January figure since 2023 (371) and reverses the modest dip seen in January 2025 (353). Prior January totals for context: 2022 (340), 2023 (371), 2024 (366), 2025 (353).
The growth story in January 2026 was entirely driven by independent lenders. Mid-tier independents surged to 82 charges (+24), their strongest January since at least 2022. Specialists also rose sharply to 50 (+13), led by Sonovate's exceptional month of 25 new charges. By contrast, banks fell to 78 charges (−21), with Lloyds Commercial Finance accounting for the majority of the decline (47 → 25, −22).
Large independents were broadly flat at 152 (+1), though individual movers included Bibby Finance (+8 to 47), eCapital (+8 to 26), and Pulse Cashflow Finance (+9 to 9 from zero). The employment sector continued to dominate with 77 charges (+8), while transportation saw the largest proportional gain (+76%), jumping from 21 to 37 charges.
Refactoring activity remained significant, with 69 facilities moving between lenders during the month. Lloyds was the dominant source, losing 28 refactored clients — roughly 4× the next largest source. Bibby Finance was the primary beneficiary, receiving 10 refactored facilities.
Key Insights
- Headline: 371 new IF charges — activity rose +5.1% versus January 2025, the joint-highest January since 2023.
- Banks contracted sharply to 78 (−21) — Lloyds fell from 47 to 25 (−22), offsetting RBS's gain of +6 to 30. Banks now represent just 21% of total activity, down from 28% a year ago.
- Mid-tier independents surged +41% — rising from 58 to 82, led by Apollo (+15 to 23), 4SYTE (+13 to 18), and Team Factors (+6 to 15).
- Sonovate posted an exceptional month — jumping from 3 to 25 charges (+22), far above any prior January. This single lender accounted for nearly half the specialist segment's total.
- Transportation was the breakout sector — rising +76% to 37 charges, overtaking wholesale trade and specialised construction. Technology also rose +175% to 11 charges.
- Lloyds dominated refactoring outflows — losing 28 facilities to competitors, primarily to Bibby (7) and HSBC (3). This is consistent with the bank's sharp January decline.
- South East was the most active region — 4SYTE and Bibby each registered 8 charges there, followed by RBS, Apollo, and Lloyds with 7 each.
Lender Analysis
Detailed breakdown of IF charge registrations by lender category for January 2026, with prior-year comparisons. Refactoring proportions show the percentage of each lender's new charges that involved replacing a previous IF provider, a bank facility, or had no existing IF/bank charge.
Banks
| Lender | 2024 | 2025 | 2026 | Var. | Refactor % | Bank % | No Existing |
|---|---|---|---|---|---|---|---|
| RBS Invoice Finance | 21 | 24 | 30 | +6 | 10% | 63% | 27% |
| Lloyds Commercial Finance | 32 | 47 | 25 | -22 | 12% | 40% | 48% |
| HSBC Invoice Finance | 18 | 23 | 19 | -4 | 26% | 47% | 27% |
| Metro Bank IF | 2 | 5 | 3 | -2 | – | – | 100% |
| Investec Capital | 1 | – | 1 | +1 | 100% | – | – |
| Total – Banks | 74 | 99 | 78 | -21 | |||
Large Independents
| Lender | 2024 | 2025 | 2026 | Var. | Refactor % | Bank % | No Existing |
|---|---|---|---|---|---|---|---|
| Bibby Finance | 53 | 39 | 47 | +8 | 21% | 15% | 64% |
| eCapital Commercial Finance | 29 | 18 | 26 | +8 | 23% | 15% | 62% |
| Close Brothers | 18 | 29 | 27 | -2 | 19% | 26% | 55% |
| Novuna | 16 | 10 | 15 | +5 | 27% | – | 73% |
| Pulse Cashflow Finance | 1 | – | 9 | +9 | 11% | 11% | 78% |
| Skipton Business Finance | 15 | 11 | 9 | -2 | 56% | – | 44% |
| Time Finance | 9 | 16 | 6 | -10 | – | 33% | 67% |
| Ultimate Finance | 10 | 13 | 5 | -8 | 40% | 20% | 40% |
| Cynergy Business Finance | 11 | 6 | 4 | -2 | 25% | 25% | 50% |
| Praetura | 2 | 2 | 2 | – | 50% | – | 50% |
| IGF | – | 4 | 1 | -3 | – | – | 100% |
| Leumi ABL | 2 | 3 | 1 | -2 | – | – | 100% |
| Secure Trust Bank | 2 | – | – | – | – | – | – |
| FGI Finance | – | – | – | – | – | – | – |
| Total – Large Independents | 168 | 151 | 152 | +1 | |||
Mid-tier Independents
| Lender | 2024 | 2025 | 2026 | Var. | Refactor % | Bank % | No Existing |
|---|---|---|---|---|---|---|---|
| Apollo Business Finance | 11 | 8 | 23 | +15 | 13% | 4% | 83% |
| 4SYTE | 6 | 5 | 18 | +13 | 22% | 22% | 56% |
| Team Factors | 14 | 9 | 15 | +6 | 20% | – | 80% |
| Optimum SME Finance | 8 | 12 | 7 | -5 | 14% | – | 86% |
| Paragon Business Finance | 6 | 6 | 6 | – | 33% | 17% | 50% |
| Sallyport Commercial Finance | 6 | 2 | 4 | +2 | 75% | – | 25% |
| Shire Invoice Finance | 3 | 3 | 3 | – | 33% | – | 67% |
| Wedo Finance | 2 | 2 | 3 | +1 | 67% | – | 33% |
| Castlebridge Finance | 2 | 3 | 2 | -1 | 50% | – | 50% |
| Partnership Invoice Finance | 2 | 1 | 1 | – | 100% | – | – |
| Simplicity Finance | – | 1 | – | -1 | – | – | – |
| Peak Cashflow | 3 | 4 | – | -4 | – | – | – |
| Regency Factors | 2 | 1 | – | -1 | – | – | – |
| TP24 | 4 | 1 | – | -1 | – | – | – |
| GRENKE | 4 | – | – | – | – | – | – |
| FI Capital | 1 | – | – | – | – | – | – |
| Total – Mid-tier Independents | 74 | 58 | 82 | +24 | |||
Specialists
| Lender | 2024 | 2025 | 2026 | Var. | Refactor % | Bank % | No Existing |
|---|---|---|---|---|---|---|---|
| Sonovate | 8 | 3 | 25 | +22 | 16% | – | 84% |
| Quba solutions | 13 | 16 | 13 | -3 | – | – | 100% |
| Liquid Link | 9 | 2 | 6 | +4 | 33% | – | 67% |
| Giant Finance | – | 4 | 4 | – | 25% | – | 75% |
| Zodeq | 13 | 12 | 2 | -10 | – | 100% | – |
| Total – Specialists | 43 | 37 | 50 | +13 | |||
Sector Analysis
Breakdown of new IF charges by sector for January 2026, showing year-on-year changes in activity. Revenue variance estimates the change in total opportunity value based on borrower revenue size.
| Sector | 2022 | 2023 | 2024 | 2025 | 2026 | Var. | % Change |
|---|---|---|---|---|---|---|---|
| Employment activities | 69 | 60 | 63 | 69 | 77 | +8 | +12% |
| Transportation | 27 | 26 | 26 | 21 | 37 | +16 | +76% |
| Wholesale trade | 28 | 36 | 29 | 32 | 30 | -2 | -6% |
| Specialised construction | 25 | 27 | 28 | 28 | 27 | -1 | -4% |
| Office admin & business support | 14 | 19 | 18 | 19 | 17 | -2 | -11% |
| Fabricated metal products | 13 | 11 | 8 | 18 | 13 | -5 | -28% |
| Technology & software | 8 | 6 | 9 | 4 | 11 | +7 | +175% |
| Construction of buildings | 4 | 7 | 1 | 3 | 10 | +7 | +233% |
| Retail trade | 5 | 13 | 12 | 12 | 10 | -2 | -17% |
| Other personal services | 8 | 10 | 3 | 4 | 8 | +4 | +100% |
| Human health activities | 9 | 10 | 8 | 9 | 7 | -2 | -22% |
| Manufacture of food products | 6 | 4 | 8 | 4 | 7 | +3 | +75% |
| Waste collection & recycling | 3 | 5 | 1 | 2 | 6 | +4 | +200% |
| Wholesale & retail trade | – | 5 | 8 | 8 | 6 | -2 | -25% |
| Other professional & scientific | 5 | 5 | 7 | 7 | 5 | -2 | -29% |
| Security & investigation | 7 | 6 | 4 | 3 | 4 | +1 | +33% |
| Warehousing & transport support | 5 | 6 | 10 | 6 | 4 | -2 | -33% |
| Printing & associated | 5 | 5 | 4 | 2 | 4 | +2 | +100% |
| Services to buildings & landscape | 5 | 4 | 8 | 4 | 4 | – | – |
| Rubber & plastic products | 4 | 2 | 3 | 5 | 3 | -2 | -40% |
Regional Overview
Top lenders by region for January 2026, based on new IF charge registrations.
01. North East
- 1. RBS Invoice Finance – 3
- 2. Skipton Business Finance – 1
- 3. Time Finance – 1
- 4. Sonovate – 1
- 5. Lloyds Commercial Finance – 1
02. North West
- 1. Bibby Finance – 8
- 2. Close Brothers – 7
- 3. RBS Invoice Finance – 5
- 4. Novuna – 5
- 5. Sonovate – 5
03. Yorkshire & Humber
- 1. Bibby Finance – 6
- 2. Apollo Business Finance – 3
- 3. HSBC Invoice Finance – 2
- 4. RBS Invoice Finance – 2
- 5. Sonovate – 2
04. Midlands
- 1. Bibby Finance – 6
- 2. HSBC Invoice Finance – 4
- 3. RBS Invoice Finance – 3
- 4. Novuna – 3
- 5. Quba solutions – 2
05. East Midlands
- 1. Team Factors – 2
- 2. RBS Invoice Finance – 2
- 3. Optimum SME Finance – 2
- 4. Bibby Finance – 2
- 5. Skipton Business Finance – 1
06. East of England
- 1. Close Brothers – 5
- 2. Bibby Finance – 4
- 3. Lloyds Commercial Finance – 4
- 4. Team Factors – 3
- 5. eCapital Commercial Finance – 3
07. South East
- 1. 4SYTE – 8
- 2. Bibby Finance – 8
- 3. RBS Invoice Finance – 7
- 4. Apollo Business Finance – 7
- 5. Lloyds Commercial Finance – 7
08. South West
- 1. Lloyds Commercial Finance – 4
- 2. Quba solutions – 2
- 3. Sonovate – 2
- 4. Apollo Business Finance – 1
- 5. Close Brothers – 1
09. London
- 1. eCapital Commercial Finance – 7
- 2. Bibby Finance – 7
- 3. Sonovate – 4
- 4. HSBC Invoice Finance – 4
- 5. Apollo Business Finance – 4
10. Wales
- 1. Paragon Business Finance – 1
- 2. Team Factors – 1
- 3. Sonovate – 1
- 4. eCapital Commercial Finance – 1
- 5. Apollo Business Finance – 1
11. Scotland
- 1. Bibby Finance – 5
- 2. eCapital Commercial Finance – 5
- 3. Close Brothers – 4
- 4. RBS Invoice Finance – 1
- 5. Paragon Business Finance – 1
12. Northern Ireland
- 1. Close Brothers – 2
- 2. Sonovate – 1
- 3. Bibby Finance – 1
Refactoring Channels
Where borrowers moved when switching lender in January 2026. Shows the flow of facilities between providers — which lenders are gaining share through refactoring and which are losing it.
69 facilities changed hands in January 2026, representing a meaningful level of market churn. Lloyds Commercial Finance was by far the largest refactoring source, with 28 clients moving to competitors — roughly 4× the next largest outflow. This is consistent with Lloyds' sharp drop from 47 to 25 monthly charges.
Bibby Finance was the top refactoring recipient, absorbing 10 facilities from other lenders, with 7 coming from Lloyds. HSBC received 5, and eCapital and Skipton each received 5 as well. Several mid-tier lenders including 4SYTE (4), Close Brothers (4), and Novuna (4) also benefited from the churn.
Top Refactoring Recipients – January 2026
| New Provider | Total In | Largest Source |
|---|---|---|
| Bibby Finance | 10 | Lloyds (7) |
| eCapital Commercial Finance | 5 | Lloyds (3) |
| HSBC Invoice Finance | 5 | Lloyds (3) |
| Skipton Business Finance | 5 | Various |
| 4SYTE | 4 | Various |
| Close Brothers | 4 | Various |
| Novuna | 4 | Various |
| Apollo Business Finance | 3 | Lloyds (3) |
| Sallyport Commercial Finance | 3 | Various |
| Team Factors | 3 | Various |
Top Refactoring Sources – January 2026
| Old Provider | Total Out | Largest Destination |
|---|---|---|
| Lloyds Commercial Finance | 28 | Bibby (7) |
| RBS Invoice Finance | 7 | Various |
| Zodeq | 5 | Various |
| Bibby Finance | 4 | Various |
| Close Brothers | 4 | Various |
| Novuna | 4 | Various |
| HSBC Invoice Finance | 3 | Various |
| Apollo Business Finance | 2 | Various |
Notable New Charges
Borrowers which appear to be significant businesses based on disclosed financials.
| Lender | Region | Borrower | Turnover | Trade Debtors | |
|---|---|---|---|---|---|
| HSBC Invoice Finance | Yorkshire / Humber | Barrett Steel Limited | £421.8m | £77.7m | Wholesale trade |
| HSBC Invoice Finance | London | Priority Pass Limited | £713.2m | £43.1m | Membership organisations |
| HSBC Invoice Finance | London | P. Flannery Plant Hire (Oval) Limited | £250.0m | £42.4m | Specialised construction |
Access the Full Report
Want the complete analysis including bespoke data cuts, additional lender-level detail, or historical trend data? Get in touch with the Spark team.
Contact the Spark TeamMethodology
This analysis uses AI-driven classification to identify invoice finance charges registered at Companies House. Charges are matched based on the charge-holder name or a combination of the name and the nature of the charge description.
For some lenders (e.g. Barclays, Santander), it is not feasible to produce a strong enough pattern to reliably match charges to invoice finance. Where a group of companies has a charge, this is counted as one event. Multiple charges registered by the same company within the reporting period are not counted separately. Refactors are based on IF charges where a previous IF charge was satisfied within 100 days of the new charge or was left open.
Bank charges include non-IF-specific versions of HSBC, Lloyds Bank, NatWest, Barclays Bank, RBS, Aldermore Bank, Santander, Metro Bank and others. They are only included where the charge was satisfied within 100 days of the new IF charge or where it has been left open. "No existing IF/Bank" means neither a specific IF charge nor a generic bank charge was found.
Region allocation is based on Spark sales regions, assigned by AI using either HMRC or Companies House registered address data. Includes charges submitted to Companies House by 5 February 2026.
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