Hitachi Capital Invoice Finance posts record performance

H

itachi Capital Invoice Finance (HCIF) has announced strong growth for the year ending 31 March 2021.

HCIF said it achieved record new business volumes in the fourth quarter, having identified new income streams which delivered strong lead generation and conversion opportunities.

Over the past 12 months, the overall annual fee income is 2% higher than the previous year against the background of a distorted invoice finance market, with the funding measures introduced by the UK government to support SMEs.

Despite challenging market conditions, HCIF accelerated its diversification strategy by providing funding lines above £1m (€1.17m) for larger corporate customers that led to a 108% increase in new business to this segment.

As a result of targeting larger SMEs, HCIF’s average annual minimum fee income during full-year 2020-21 increased by 35%.

New targets for the lender, which provides cash flow solutions to clients across a wide range of sectors, now include businesses with turnover up to £50m.As well as diversifying its customer base, HCIF acquired new leads from competitors processed using FLi, its market-leading digital onboarding platform.

HCIF’s digital capability during the pandemic enabled a large volume of applicants to be processed efficiently in a short amount of time during the pandemic, providing a competitive advantage for the business.

HCIF MD Andy Dodd said: “Investment in our online marketing channel and search engine optimisation has led to a 50% increase in online new business year on year and significant improvement in our search engine ranking, enhancing our brand visibility.