Accelerated Payments appoint international financier Steve Box, as Covid-19 increases demand for invoice financing
22 June 2020
Accelerated Payments today announced it has appointed Steve Box as Chairman. He takes up his role with immediate effect.
Accelerated Payments, launched in 2017, has undergone rapid growth and has quickly become a key player in the invoice finance market in the UK, Ireland, and North America. This momentum has increased in recent months, with Accelerated Payments one of the few alternative finance providers to support customers, from small to larger SMEs, throughout the pandemic.
Accelerated Payments provide invoice financing underpinned by quick decision making, objective human assessments of the invoice and an evaluation primarily focused on the debtor, not the creditor. Their model allows SMEs to better control their cashflow by allowing for funding of single invoice transactions on a non-recourse basis.
Accelerated Payments funds SMEs and businesses that have been neglected by banks due to their lending criteria. It also does not require customers to provide personal guarantees and, unlike most alternative finance providers, helps customers expand overseas by funding invoices from international debtors. The company has already seen heightened demand from customers looking to trade internationally while navigating the combined impacts of Covid-19 and Brexit.
Box, who joins the board as Chairman, is the former International CEO of Bibby Financial Services Ltd and former Global Head of Receivable Finance at HSBC. With over 35 years of experience in banking and invoice financing and working with SMEs, his appointment will provide Accelerated Payments with further expertise as it embarks on its next phase of growth, supporting business emerging from lockdown.
Ian Duffy, CEO Accelerated Payments said, “Covid-19 has changed the landscape irrevocably across the UK. Cash reserves are low, and as we emerge from lockdown, businesses need swift and secure support to get back on their feet quickly. The excruciatingly long processes, imposed by many lenders, before offering credit are incompatible with the needs of many SMEs. We have supported these businesses throughout the pandemic and have seen a massive uptick in demand across a range of sectors. As companies emerge from lockdown, our offering allows them to begin trading immediately and have access to cash flow based on the strength of their orders. We will also be able to support the market post Brexit given our ability to support internationally trading SMEs.
“By supporting businesses when they were hardest hit, we have seen our share of our target markets grow exponentially. We are now bringing in one of the market’s leading figures to help us achieve our next stage in our growth ambitions. Steve is renowned across our sector for his expertise, market relationships and entrepreneurial acumen. I am very pleased to welcome him to the role of Chairman, and I am certain our business will continue to grow from strength to strength with his support in the UK and across our international markets.”
Steve Box, Chairman Accelerated Payments said, “I am excited about Accelerated Payment’s technology and their innovative approach to invoice financing. Unlike any other company in the market, their platform provides SMEs with complete control of their finances as it gives them full visibility of what they are borrowing, how much it will cost and if they are going over payments. This transparent service is precisely what SMEs need during this challenging period where liquidity is scarce, and confidence in the market is low.
“Accelerated Payment’s offering, which makes it easy and quick for companies to access finance on the value of a single invoice, has seen it rapidly expand its position in the market.
“I am proud to be joining a company that has supported so many SMEs throughout Covid-19 with a product that is providing liquidity in a simple, fast, affordable, and transparent manner and I am looking forward to helping them continue their growth both in the UK and into new markets.”
About Accelerated Payments
Accelerated Payments was created by entrepreneurs with many years’ experience in financial services as well as starting and running their own businesses. Entrepreneurs like you, who know just how important certain individual invoices can be to a business. We know the highs and lows of dreaming up and starting a new business that offers something better, something special, something individual. To bring it from zero sales and one employee to a stage where it has employees, customers, sales – and prospects. And we know what it’s like when you’ve invested everything you have in the business, when so much can hang on certain customers taking longer than agreed on vital payments. We also know how frustrating and restrictive it can be when your bank either isn’t interested in working with you – or wants personal guarantees where they shouldn’t need them. So we decided to set up Accelerated Payments to solve the particular cash flow hurdle that you face right now, through our innovative Individual Invoice Finance service.