Invoice Cycle launches subscription based platform
Invoice Cycle has launched a new platform, offering small and medium enterprises working capital financing solutions.
The London-based invoice financing firm claims to be distinct from other UK platforms, in that it mainly targets businesses with a subscription-based sales model.
Invoice Cycle collects the subscription income once it’s paidand guarantees advances of up to 6 months of users’ recurring monthly revenue, with a direct integration with their online payment gateway. Rates start from 2% a month.
Gideon Shaw, CEO of Invoice Cycle, said: “Backing the growth of SMEs is vital to the British economy because, according to Government figures, 99.9% of all British businesses are SMEs and they account for 60% of private sector employment. However, one of the main challenges for growing businesses is accessing finance. In our modern, innovative economy, firms need sources of finance that operate in new ways and finance providers that respond rapidly to their needs. That’s exactly our mission at Invoice Cycle. ”
The other financing solution offered by the platform consists of a straightforward term loan, of any sum between £5,000 and £50,000.
Gideon added: “It’s common for SMEs to wait anything from 30 to 90 days for payment, or for banks to take the best part of a month to confirm a loan. But firms whose resources are small often need money more quickly than that. Invoice Cycle can provide much needed capital much faster.”