Invoice Finance Charges
Analysis – September 2025
Analysis of new invoice finance debentures registered at Companies House for September 2025. September 2025 recorded 479 new IF charges, a change of +105 versus September 2024 (+28.1%).
Sep 2025 Total
479
new IF charges
Headline Var.
+28.1%
vs Sep 2024
Cumulative YTD
3,831
+137 vs Sep 2024
Top Sector
77
employment activities
Summary
September 2025 recorded 479 new IF charges, up +105 versus September 2024 (+28.1%).
Cumulative activity to September reached 3,831, compared with 3,694 in the equivalent 2024 period (+137).
As flagged in the source report, the 4SYTE/ABN-HSBC migration materially influences the headline uplift.
Key Insights
- Headline volume: 479 new IF charges in September 2025, +28.1% year on year.
- Bank volume: 80 charges vs 83 in September 2024 (slight contraction).
- Large independents: 199 charges vs 180 in September 2024 (+19).
- Main growth drivers: 4SYTE, Apollo Business Finance, and strong transport / wholesale / construction sector momentum.
Lender Analysis
Detailed breakdown of IF charge registrations by lender category for September 2025 (source: September 2025 PDF).
| Category | 2023 | 2024 | 2025 | Var. | YTD 2025 | YTD Var. |
|---|---|---|---|---|---|---|
| Banks | 102 | 83 | 80 | -3 | 815 | -25 |
| Large Independents | 173 | 180 | 199 | +19 | 1,742 | +28 |
| Mid-tier Independents | 56 | 73 | 150 | +77 | 826 | +155 |
| Specialists | 43 | 28 | 36 | +8 | 317 | -35 |
| Lender | 2024 | 2025 | Var. | YTD 2025 | YTD Var. |
|---|---|---|---|---|---|
| 4SYTE | 6 | 81 | +75 | 211 | +162 |
| Apollo Business Finance | 18 | 22 | +4 | 153 | +46 |
| Bibby Finance | 51 | 62 | +11 | 517 | +2 |
| Lloyds Commercial Finance | 31 | 18 | -13 | 286 | -87 |
| HSBC Invoice Finance | 21 | 27 | +6 | 213 | +43 |
Sector Analysis
| Sector | 2024 | 2025 | Var. |
|---|---|---|---|
| Employment activities | 72 | 77 | +5 |
| Wholesale trade | 26 | 37 | +11 |
| Specialised construction activities | 43 | 50 | +7 |
| Transportation | 29 | 43 | +14 |
| Office admin and business support | 15 | 27 | +12 |
| Manufacture of fabricated metal products | 8 | 16 | +8 |
| Services to buildings and landscape activities | 7 | 11 | +4 |
| Warehousing and support activities for transportation | 7 | 9 | +2 |
| Manufacture of food products | 7 | 8 | +1 |
| Technology - programming, software etc | 7 | 5 | -2 |
Regional Overview
Top lenders by region for September 2025, based on new IF charge registrations.
01. North East
- 1. 4SYTE - 3
- 2. HSBC Invoice Finance - 2
- 3. Novuna - 1
- 4. Flex ABL - 1
- 5. Cynergy Business Finance - 1
02. North West
- 1. RBS Invoice Finance - 7
- 2. 4SYTE - 6
- 3. Cynergy Business Finance - 5
- 4. Skipton Business Finance - 3
- 5. Lloyds Commercial Finance - 3
03. Yorkshire & Humber
- 1. 4SYTE - 7
- 2. Novuna - 5
- 3. Bibby Finance - 4
- 4. Skipton Business Finance - 4
- 5. Time Finance - 3
04. Midlands
- 1. 4SYTE - 17
- 2. Bibby Finance - 7
- 3. Novuna - 6
- 4. Team Factors - 4
- 5. RBS Invoice Finance - 3
05. East Midlands
- 1. eCapital Commercial Finance - 3
- 2. 4SYTE - 3
- 3. Bibby Finance - 2
- 4. Ultimate Finance - 2
- 5. Optimum SME Finance - 2
06. East of England
- 1. 4SYTE - 6
- 2. Bibby Finance - 4
- 3. Liquid Link - 3
- 4. eCapital Commercial Finance - 2
- 5. RBS Invoice Finance - 2
07. South East
- 1. Bibby Finance - 19
- 2. 4SYTE - 18
- 3. HSBC Invoice Finance - 11
- 4. eCapital Commercial Finance - 7
- 5. RBS Invoice Finance - 6
08. South West
- 1. Bibby Finance - 5
- 2. Quba solutions - 4
- 3. eCapital Commercial Finance - 3
- 4. HSBC Invoice Finance - 2
- 5. Team Factors - 1
09. London
- 1. 4SYTE - 11
- 2. Bibby Finance - 8
- 3. Lloyds Commercial Finance - 5
- 4. Apollo Business Finance - 4
- 5. HSBC Invoice Finance - 3
10. Wales
- 1. 4SYTE - 8
- 2. eCapital Commercial Finance - 5
- 3. Apollo Business Finance - 3
- 4. Bibby Finance - 3
- 5. IGF - 1
11. Scotland
- 1. Close Brothers - 9
- 2. Bibby Finance - 6
- 3. eCapital Commercial Finance - 5
- 4. RBS Invoice Finance - 2
- 5. Paragon Business Finance - 2
12. Northern Ireland
- 1. HSBC Invoice Finance - 2
- 2. Bibby Finance - 1
- 3. Upstream Working Capital - 1
- 4. Simplicity Finance - 1
Refactoring Channels
Refactors are based on specific IF charges where prior IF/bank charges were recently satisfied or left open.
Refactoring in September 2025 was concentrated among major providers, with 4SYTE leading inflows on 26 switched facilities. Bibby Finance (14), eCapital Commercial Finance (12), and HSBC Invoice Finance (10) were also significant recipients.
Outflows were led by incumbent providers, with Lloyds Commercial Finance the largest source of switches (38), followed by HSBC Invoice Finance (16) and Bibby Finance (13). This indicates continued churn at the top of the market, with key lenders simultaneously gaining and losing accounts.
Top Refactoring Recipients - September 2025
| New provider | Count |
|---|---|
| 4SYTE | 26 |
| Bibby Finance | 14 |
| eCapital Commercial Finance | 12 |
| HSBC Invoice Finance | 10 |
| Novuna | 7 |
Top Refactoring Sources - September 2025
| Old provider | Count |
|---|---|
| Lloyds Commercial Finance | 38 |
| HSBC Invoice Finance | 16 |
| Bibby Finance | 13 |
| RBS Invoice Finance | 9 |
| Close Brothers | 6 |
Notable New Charges
| Company | Lender | Region | Trade Debtors |
|---|---|---|---|
| KINGDOM SERVICES GROUP LIMITED | HSBC Invoice Finance | North West | GBP 53.2m |
| C.F.BOOTH LIMITED | IGF | Yorkshire / Humber | GBP 17.1m |
| BLOK N MESH GLOBAL LIMITED | HSBC Invoice Finance | London | GBP 13.4m |
| NATARA GLOBAL LIMITED | HSBC Invoice Finance | North East | GBP 11.1m |
| SYSTAL TECHNOLOGY SOLUTIONS LIMITED | HSBC Invoice Finance | Scotland | GBP 10.4m |
| ZEELO LIMITED | Ultimate Finance | Midlands | GBP 10.1m |
| ATLAS FACILITIES MANAGEMENT LIMITED | HSBC Invoice Finance | South East | GBP 9.8m |
| TRITON CONSORTIUM LTD | Close Brothers | Yorkshire / Humber | GBP 7.6m |
| RUSSELL BUILDING PRODUCTS LIMITED | HSBC Invoice Finance | Midlands | GBP 6.6m |
| LW ROCO FH LIMITED | Secure Trust Bank | South East | Not disclosed |
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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