UK's Crossflow becomes fastest-growing FinTech globally
The working capital marketplace for corporates and their supply chains has realised turnover growth of over 2 000%
Crossflow, the working capital marketplace for corporates and their supply chains, has announced a set of annual results that outperforms all expectations.
Crossflow has grown its turnover from £885 000 in 2016 to over £20 million in 2017 and becomes the fastest-growing FinTech globally, and also the closest to profitability, reporting a nominal loss of only £401 000.
Crossflow allows financial institutions to cost-effectively finance corporates and suppliers in a click. The business was commercially launched in 2014 by a team of finance and supply chain experts, following three years of research and development. Its rapid growth highlights the attractiveness of the Crossflow service.
Following a seed funding round in 2016, Crossflow received significant investment from Calibrate Management, a leading investor focused on early stage, high growth firms. It is now undertaking a Series A Round to continue its ambitious growth strategy.
Crossflow is a member of ELITE, London Stock Exchange Group's business support and capital raising programme, which includes over 900 companies from 33 countries across 34 sectors.
Tony Duggan, CEO of Crossflow Payments (pictured) said: "We have experienced an exceptional period of growth and we are strongly positioned to scale even more rapidly and capitalise on the changing market dynamics and growing sector demand."
The supply chain finance market in the UK alone is estimated to be worth £46 billion. The market is expected to grow by around 15% with further acceleration from Brexit.
London is the FinTech capital of Europe, with 53% of European FinTech deals happening in the capital.
"At Crossflow, we have combined technological innovation with our deep credit expertise at a time when there is significant demand in the market from both companies and financial institutions. The supply chain finance sector is ripe for FinTech disrupters and the rapidly changing market represents a huge opportunity for businesses like us, who are willing to work with those who traditionally dominated the supply chain finance market, the banks," says Duggan.
"If the traditional banks can see fintech companies doing something better, cheaper and faster they are more than ever willing to partner with us. If, we are all open-minded to the possibilities of working together the opportunity here is endless", comments Magda Rozczka, Crossflows COO.
Greensill, the London invoice financing business, which operates a similar business model to Crossflow, last week announced a $250 million investment from tech investor General Atlantic valuing the seven-year-old company at $1.64 billion.