Invoice finance solution for SMEs Advantedge Commercial Finance has acquired Wales-based Henry Howard Cashflow Finance.
Following the close of the deal, Henry Howard Cashflow Finance team and business has been transferred to Advantedge.
UK-based Advantedge offers SMEs with access to invoice finance lines and discounts to help improve their cash flow so they can accelerate growth of their business. The company rebranded from Factor21 at the start of the year.
The service works by an SME uploading their invoices, and Advantedge will offer up to 90 per cent of the invoice value. Advantedge then chases the payment from the customer and collect the invoice payment when it is due and once it has been claimed, Advantedge then pays the SME the remaining value of the invoice. Invoice loans can be taken out for up to $1.5m.
Advantedge is a portfolio company of Mobeus Equity Partners, which initially invested ?8.7m into the company in 2016. Since then the company has grown its regional presence from two offices up to five. Current operations are conducted from the Thames Valley, the Midlands, Glasgow, Manchester and now Newport.
Mobeus partner Jonathan Gregory said, ?We are delighted that Advantedge has acquired this established and strong business as it supports ambitious growth plans and enables the business to expand its national presence into the South West and Wales.p>
Ealier in the year, fellow invoice financing solution Lidya closed a $6.9m Series A round to support its expansion across Africa.
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