Invocap, the 2018 BCR Invoice Finance Provider of the Year and fellow finalist GapCap have announced that they had reached an agreement to consolidate their invoice finance businesses. GapCap will be taking over the client management and the day to day operations of the Invocap invoice finance book allowing Invocap to focus on its other business lending products; such as business loans, developing its core technology platform and driving their growth in the German market.
GapCap CEO, Alex Fenton commented: “We are delighted to take this strategic move, as we aim to grow our Invoice Finance business aggressively. We have had a good relationship with the Invocap team for several years, and arepleased to move the partnership to the next level.”
GapCap Head of Partnerships, Jack Trowbridge added: “The alternative finance market will only continue to grow asquickly in the next 5 years as it has done in the last 5, providing the businesses in the market are willing to make bold moves. This agreement is a landmark not only for GapCap and Invocap but for the market.”
Invocap UK Managing Director, Dave Cockle commented: “We have been looking for some time to work more closely with one or more innovative Invoice Finance providers in the UK. We believe GapCap have a fantastic team, and customer support our clients will be delighted with. We look forward to taking the next step of our Invoice Finance business together with them”
Invocap CEO, Gideon Shaw added: “The partnership with GapCap allows us to leverage the combined Invoice Finance expertise of our teams and technology. With GapCap taking the lead in the day to day management of our Invoice Finance product, we are now able to focus on additional lending products such as business loans, which are now a significant part of our business. The move also allows us to focus on our growing operations in the German market.”
About Invocap: Invocap is an instant financing platform, providing small and medium sized businesses with advanced payments for outstanding invoices. The Company was founded with the goal of eliminating cash flow challenges for its customers as they grow their businesses. Invocap currently operates in the UK and German markets and has customers across a range of industries, including SaaS, AdTech, Healthcare, Construction and Manufacturing. For more information, please visit Invocap here.
About GapCap: GapCap makes cashflow easy for UK small and medium sized businesses. Using intelligent technology to streamline the processes and decisions involved in financing against receivables. GapCap has financed over £250m worth of invoices for UK SMEs. GapCap focuses on helping growing businesses in all sectors smooth out their cashflow in a fast and flexible manner.