Invoice Finance Charges
Analysis – June 2024
Analysis of new invoice finance debentures registered at Companies House for June 2024. A softer month with 384 new charges, representing a -7.9% headline decline and -5.2% adjusted (excluding RBS). Mid-tier independents showed the steepest drop.
Jun 2024 Total
384
new IF charges
Headline Var.
-7.9%
vs June 2023
Adjusted Var.
-5.2%
excl. RBS
Specialists
48
vs 27 in Jun 2023
Summary
June 2024 saw 384 new IF charges, down from 417 in June 2023 (-7.9% headline). The adjusted decrease (excluding RBS) was -5.2%. This was the softest month of the year so far, with declines across banks, large independents, and mid-tier providers.
Banks posted 96 charges (vs 107 in June 2023). Large independents came in at 180 (vs 194). Mid-tier providers showed the most significant decline at 51 charges versus 79 in June 2023 (-35%). The specialist segment remained the sole growth area with 48 charges, up from 27 (+78%).
Key Insights
- Softest month of 2024: -7.9% headline, -5.2% adjusted — declines across most categories.
- Mid-tier down 35%: 51 charges vs 79 in June 2023, the steepest category decline.
- Specialists remain resilient: 48 charges vs 27, +78% year on year.
- Bibby Finance posted 54 charges in June, staying well above prior-year levels.
- Cumulative H1 2024: ~2,855 charges, still ahead of 2023 on an adjusted basis despite the June dip.
Lender Analysis
All broad categories except specialists recorded declines. Mid-tier providers were hit hardest. Specialist lenders continue to deliver strong year-on-year growth.
Banks
| Lender | 2022 | 2023 | 2024 | Var. | YTD 2024 | YTD Var. |
|---|---|---|---|---|---|---|
| RBS Invoice Finance | 26 | 21 | 10 | -11 | 116 | -153 |
| Lloyds Commercial Finance | 43 | 44 | 40 | -4 | 223 | -7 |
| HSBC Invoice Finance | 22 | 19 | 26 | +7 | 143 | +17 |
| SME Invoice Finance | 8 | 10 | 9 | -1 | 40 | -13 |
| Investec Capital | 2 | 5 | 3 | -2 | 18 | -4 |
| Arbuthnot Latham | 4 | 8 | 8 | – | 24 | +6 |
| Total – Banks | 105 | 107 | 96 | -11 | 564 | -154 |
Large Independents
| Lender | 2022 | 2023 | 2024 | Var. | YTD 2024 | YTD Var. |
|---|---|---|---|---|---|---|
| Bibby Finance | 55 | 51 | 54 | +3 | 368 | +47 |
| eCapital Commercial Finance | 42 | 37 | 34 | -3 | 208 | -8 |
| Close Brothers | 26 | 29 | 20 | -9 | 127 | -24 |
| Novuna | 22 | 15 | 16 | +1 | 105 | +16 |
| Skipton Business Finance | 13 | 22 | 13 | -9 | 98 | -18 |
| Cynergy Business Finance | 10 | 11 | 12 | +1 | 61 | +2 |
| Ultimate Finance | 12 | 13 | 7 | -6 | 55 | -5 |
| Time Finance | 11 | 8 | 9 | +1 | 49 | -5 |
| Kriya | 9 | 4 | 7 | +3 | 20 | -41 |
| Total – Large Independent | 207 | 194 | 180 | -14 | 1,152 | -25 |
Mid-tier Independents
| Lender | 2022 | 2023 | 2024 | Var. | YTD 2024 | YTD Var. |
|---|---|---|---|---|---|---|
| Apollo Business Finance | 8 | 18 | 7 | -11 | 54 | -22 |
| Optimum SME Finance | 7 | 13 | 10 | -3 | 55 | +1 |
| 4SYTE | 3 | 5 | 6 | +1 | 31 | +9 |
| Paragon Business Finance | 8 | 10 | 9 | -1 | 38 | -7 |
| Sallyport Commercial Finance | 2 | 9 | 6 | -3 | 29 | +5 |
| Secure Trust Bank | 12 | 24 | 7 | -17 | 20 | -21 |
| Total – Mid-tier | 40 | 79 | 51 | -28 | 305 | -31 |
Specialists
| Lender | 2022 | 2023 | 2024 | Var. | YTD 2024 | YTD Var. |
|---|---|---|---|---|---|---|
| Zodeq | 3 | 6 | 10 | +4 | 86 | +50 |
| Team Factors | 6 | 9 | 11 | +2 | 80 | +16 |
| Sonovate | 5 | 2 | 10 | +8 | 87 | +59 |
| Quba Solutions | 7 | 3 | 8 | +5 | 53 | +14 |
| Liquid Link | 4 | 3 | 4 | +1 | 31 | +9 |
| Giant Finance | 0 | 4 | 5 | +1 | 18 | +3 |
| Total – Specialist | 22 | 27 | 48 | +21 | 352 | +152 |
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.
Related Reports
Need to move from research to funding action?
Visit Spark Finance when you are ready to explore commercial finance options.
Apply Now