Digital Market Outlook: FinTech invoice factoring platforms user potential UK 2020| Statista

The graph presents the number of potential invoice factoring platform users in the United Kingdom in 2014 and 2015, and provides a forecast thereof until 2020. The number of potential users in the UK is expected to grow from 1.9 million in 2015 to roughly 2.2 million in 2020. An overview of all Digital Markets can be found here.
Statista’s Digital Market Outlook offers forecasts, detailed market insights and essential performance indicators of the most significant areas in the “Digital Economy”, including various digital goods and services. Alongside revenue forecasts for 50 countries worldwide, Statista offers additional insights into consumer trends and demographic structure of digital consumer markets.

FinTech invoice factoring platform user potential in the United Kingdom (UK) from 2014 to 2020 (in million)

Characteristic	Users in millions
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Release date

September 2015

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Region

United Kingdom

Survey time period

2015

Supplementary notes

* Estimate.

Factoring platforms offer small and medium-sized enterprises (SMEs) and freelancers the possibility of simplifying their billing and accounts receivable management processes through pre-financing or directly funding outstanding receivables. This allows small businesses in particular to have continuous liquidity during everyday operations and reduces the risk of defaults. Since classical factoring solutions are not attractive to providers and customers in many cases, due to effort and cost, FinTech businesses have specialized themselves in SME factoring to offer cost-efficient solutions via automated steps and online marketplaces. Some example providers in this area are Billfront and CoreFund Capital. Factoring services for companies who are not counted as SMEs and business lending platforms are not included.

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