Invoice Finance Charges
Analysis - November 2025
Analysis of new invoice finance debentures registered at Companies House for November 2025. November 2025 recorded 403 new IF charges, a change of +14 versus November 2024 (+3.6%).
Spark Intel Research Team
Data analysis and market intelligence
Nov 2025 Total
403
new IF charges
Headline Var.
+3.6%
vs Nov 2024
Change
+14
vs Nov 2024
Banks
59
vs 83 in Nov 2024
Summary
November 2025 recorded 403 new IF charges, a change of +14 versus November 2024 (+3.6%).
Cumulative activity remains ahead of 2024 - but without ABN / HSBC(4Syte) the picture would be different.
Key Insights
- Headline: 403 new IF charges - activity rose +3.6% versus November 2024.
- Banks registered 59 charges (vs 83 in November 2024).
- Bibby Finance led the large independents with 58 charges.
- Cumulative activity remains ahead of 2024 - but without ABN / HSBC(4Syte) the picture would be different
Lender Analysis
Detailed breakdown of IF charge registrations by lender category for November 2025.
Banks
| Lender | 2023 | 2024 | 2025 | Var. | YTD 2025 | YTD Var. |
|---|---|---|---|---|---|---|
| RBS Invoice Finance | 21 | 29 | 19 | -10 | 279 | +18 |
| Lloyds Commercial Finance | 36 | 28 | 15 | -13 | 323 | -128 |
| HSBC Invoice Finance | 17 | 18 | 20 | +2 | 253 | +53 |
| Metro Bank IF | - | 4 | 2 | -2 | 59 | -11 |
| Investec Capital | 2 | 4 | 3 | -1 | 38 | +8 |
| Total - Banks | 76 | 83 | 59 | -24 | 952 | -60 |
Large Independents
| Lender | 2023 | 2024 | 2025 | Var. | YTD 2025 | YTD Var. |
|---|---|---|---|---|---|---|
| Bibby Finance | 65 | 52 | 58 | +6 | 632 | +17 |
| Close Brothers | 20 | 34 | 28 | -6 | 331 | +17 |
| eCapital Commercial Finance | 45 | 33 | 25 | -8 | 336 | -33 |
| Skipton Business Finance | 13 | 15 | 13 | -2 | 169 | -5 |
| Novuna | 22 | 5 | 15 | +10 | 155 | -16 |
| Time Finance | 17 | 7 | 17 | +10 | 133 | +36 |
| Ultimate Finance | 6 | 12 | 8 | -4 | 129 | +32 |
| Cynergy Business Finance | 17 | 4 | 12 | +8 | 85 | +3 |
| IGF | 4 | 2 | 1 | -1 | 37 | +3 |
| Praetura | 6 | 5 | - | -5 | 19 | -18 |
| Secure Trust Bank | 8 | 3 | 2 | -1 | 22 | -4 |
| Leumi ABL | 1 | - | 2 | +2 | 29 | +1 |
| Pulse Cashflow Finance | - | 1 | 3 | +2 | 24 | +8 |
| FGI Finance | 1 | - | - | - | 3 | -1 |
| Total - Large Independents | 224 | 173 | 184 | +11 | 2101 | +41 |
Mid-tier Independents
| Lender | 2023 | 2024 | 2025 | Var. | YTD 2025 | YTD Var. |
|---|---|---|---|---|---|---|
| Team Factors | 10 | 9 | 10 | +1 | 139 | -31 |
| Apollo Business Finance | 17 | 11 | 21 | +10 | 190 | +60 |
| Optimum SME Finance | 11 | 14 | 12 | -2 | 137 | +21 |
| 4SYTE | 2 | 10 | 10 | - | 235 | +167 |
| Paragon Business Finance | 8 | 3 | 12 | +9 | 79 | +20 |
| Wedo Finance | 2 | 5 | 4 | -1 | 35 | -9 |
| Peak Cashflow | 3 | 2 | 1 | -1 | 34 | -2 |
| TP24 | 1 | 2 | - | -2 | 8 | -25 |
| GRENKE | 1 | 4 | 2 | -2 | 32 | +3 |
| Castlebridge Finance | 2 | 5 | 3 | -2 | 24 | - |
| Sallyport Commercial Finance | 1 | 1 | 6 | +5 | 32 | +7 |
| Shire Invoice Finance | 3 | 3 | 6 | +3 | 29 | +7 |
| Satago | 3 | - | - | - | 1 | -21 |
| FI Capital | 1 | 4 | 1 | -3 | 7 | -7 |
| Partnership Invoice Finance | 1 | 1 | 2 | +1 | 14 | -2 |
| Funding Alternative | 2 | - | - | - | 13 | -1 |
| Total - Mid-tier Independents | 68 | 74 | 90 | +16 | 1009 | +187 |
Specialists
| Lender | 2023 | 2024 | 2025 | Var. | YTD 2025 | YTD Var. |
|---|---|---|---|---|---|---|
| Zodeq | 12 | 9 | 9 | - | 120 | -30 |
| Quba solutions | 5 | 19 | 16 | -3 | 142 | +11 |
| Sonovate | 17 | 13 | 22 | +9 | 79 | -49 |
| Liquid Link | - | - | 7 | +7 | 63 | +29 |
| Giant Finance | 8 | 4 | 2 | -2 | 30 | +14 |
| Total - Specialists | 42 | 45 | 56 | +11 | 434 | -25 |
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.
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About This Data
This report is produced by the Spark Intel Research Team using data derived from invoice finance charge registrations filed at Companies House. All source data is publicly available under the Open Government Licence v3.0.
For full details on how this data is collected, classified, and analysed, see the Methodology, Data Sources, Definitions, and Caveats pages.
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