Invoice Finance Charges
Analysis – July 2024
Analysis of new invoice finance debentures registered at Companies House for July 2024. A strong rebound with 449 new charges and +13% growth versus July 2023. This was the first month not distorted by RBS base effects, and the cumulative adjusted increase to July stands at 5.3%.
Jul 2024 Total
449
new IF charges
Headline Var.
+13%
vs July 2023
Cum. Adj. Var.
+5.3%
Jan–Jul excl. RBS
Banks
125
vs 85 in Jul 2023
Summary
July 2024 recorded 449 new IF charges, up from 397 in July 2023 (+13%). This was a notable month because it was the first not distorted by the 2023 RBS base effect. All categories except mid-tier contributed to growth.
Banks surged to 125 charges (vs 85 in July 2023, +47%), led by strong HSBC and Lloyds months. Large independents posted 194 charges (vs 185, +5%). Mid-tier declined marginally to 82 (vs 84). Specialist lenders registered 42 charges, up from 32 (+31%). The cumulative adjusted increase through July 2024 stood at 5.3%.
Key Insights
- First clean comparison month: July 2024 was not distorted by the 2023 RBS base effect — headline and adjusted figures now aligned.
- Banks surged +47%: 125 charges vs 85 in July 2023, driven by HSBC and Lloyds.
- Bibby Finance posted 63 charges — another strong month for the market leader.
- Specialist growth continued: 42 charges vs 32, +31% year on year.
- Cumulative Jan–Jul adjusted increase of 5.3% — the market is growing on a like-for-like basis.
Lender Analysis
Banks led July's recovery with a 47% increase. Large independents and specialists also posted gains. Mid-tier activity was broadly flat.
Banks
| Lender | 2022 | 2023 | 2024 | Var. | YTD 2024 | YTD Var. |
|---|---|---|---|---|---|---|
| Lloyds Commercial Finance | 50 | 33 | 49 | +16 | 272 | +9 |
| HSBC Invoice Finance | 27 | 20 | 38 | +18 | 181 | +35 |
| RBS Invoice Finance | 20 | 15 | 15 | – | 131 | -153 |
| SME Invoice Finance | 8 | 7 | 11 | +4 | 51 | -9 |
| Arbuthnot Latham | 4 | 4 | 6 | +2 | 30 | +8 |
| Investec Capital | 5 | 6 | 6 | – | 24 | -4 |
| Total – Banks | 114 | 85 | 125 | +40 | 689 | -114 |
Large Independents
| Lender | 2022 | 2023 | 2024 | Var. | YTD 2024 | YTD Var. |
|---|---|---|---|---|---|---|
| Bibby Finance | 45 | 65 | 63 | -2 | 431 | +45 |
| eCapital Commercial Finance | 30 | 37 | 31 | -6 | 239 | -14 |
| Close Brothers | 21 | 20 | 26 | +6 | 153 | -18 |
| Novuna | 12 | 11 | 17 | +6 | 122 | +22 |
| Skipton Business Finance | 15 | 21 | 12 | -9 | 110 | -27 |
| Cynergy Business Finance | 9 | 7 | 12 | +5 | 73 | +7 |
| Ultimate Finance | 10 | 10 | 9 | -1 | 64 | -6 |
| Time Finance | 15 | 4 | 13 | +9 | 62 | +4 |
| Kriya | 7 | 5 | 5 | – | 25 | -41 |
| Total – Large Independent | 170 | 185 | 194 | +9 | 1,346 | -16 |
Mid-tier Independents
| Lender | 2022 | 2023 | 2024 | Var. | YTD 2024 | YTD Var. |
|---|---|---|---|---|---|---|
| Apollo Business Finance | 5 | 17 | 15 | -2 | 69 | -24 |
| Optimum SME Finance | 3 | 6 | 10 | +4 | 65 | +5 |
| Paragon Business Finance | 7 | 10 | 14 | +4 | 52 | -3 |
| 4SYTE | 3 | 8 | 10 | +2 | 41 | +11 |
| Sallyport Commercial Finance | 3 | 9 | 10 | +1 | 39 | +6 |
| Secure Trust Bank | 11 | 18 | 16 | -2 | 36 | -23 |
| Total – Mid-tier | 38 | 84 | 82 | -2 | 387 | -33 |
Specialists
| Lender | 2022 | 2023 | 2024 | Var. | YTD 2024 | YTD Var. |
|---|---|---|---|---|---|---|
| Team Factors | 12 | 9 | 12 | +3 | 92 | +19 |
| Zodeq | 1 | 5 | 7 | +2 | 93 | +52 |
| Sonovate | 3 | 5 | 6 | +1 | 93 | +60 |
| Quba Solutions | 7 | 4 | 7 | +3 | 60 | +17 |
| Liquid Link | 0 | 4 | 6 | +2 | 37 | +11 |
| Giant Finance | 1 | 5 | 4 | -1 | 22 | +2 |
| Total – Specialist | 24 | 32 | 42 | +10 | 394 | +162 |
Access the Full Report
Want the complete analysis including detailed sector breakdowns, regional data, and full lender tables? 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.
Need to move from research to funding action?
Visit Spark Finance when you are ready to explore commercial finance options.
Apply Now