The Asset Based Finance Association (ABFA) has released figures showing that turnover from UK firms which use invoice finance is the highest anywhere in Europe. The new data shows the amount of turnover by country from companies using invoice finance in Europe, with the UK clearly out in front with turnover figures of €122bn. The next highest is France with €84bn, closely followed by Italy with €82bn. Surprisingly, Europe’s largest economy, Germany, is only fourth with €75bn.
The figures also include the percentage gross domestic product (GDP) penetration for companies using invoice finance, with the UK in second place with 14% of GDP, compared to first placed Portugal with 17% and third ranked Ireland with 11%.
Kate Sharp, chief executive officer (CEO) of the ABFA, said: “These figures confirm the central part that invoice finance plays in the funding of UK and Irish businesses. It is also interesting to see that nearly every European country saw clients which use invoice finance record double digit turnover growth compared to last year. This demonstrates that companies which use this type of finance are successfully growing and trading, which in the current economic climate is extremely positive.”
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