Populous World’s Invoice Financing Platform (PIP) saw significant growth during the year 2018. From our first invoice in Q2 of the year, we have seen rapid progress since. As we are starting from humble beginnings, the number of invoices that we processed has increased multiple folds quarter-over-quarter. In Q4 2018 we saw a 243% increase in the number of invoices financed, with invoice buyers making on average a return of 4-5% per invoice sold.
Along with the growth in number of invoices, the value of invoices we financed grew accordingly. We recorded north of £2.7m of invoices processed, with 44% of that amount being financed in Q4 of 2018 alone and double-digits growth quarter-over-quarter since the first invoice was financed.
While the growth rate is positive, we believe there are other indicators which are as important that we should not overlook. For example, we currently only have 42% of verified (KYC approved and authenticated) invoice sellers utilising our service on the platform. We will seek to convert a higher % of these verified businesses to utilising our platform as we boast a high returning customer rate of 88%.
The plan to expand our existing team is currently in projection. Since the positive contribution that our business development team have implemented, we further seek to acquire talented individuals to join our client relations and internal development team, to align with the rising evolvement of our platform.
The year ahead:
We enjoyed the uptrend of satisfied invoice sellers and buyers, but with the rapid growth, we have had to adapt and build at an unprecedented pace. This means that there are the occasional learning experiences that we are thankful to be granted with, as scalability is a fortunate problem we seek to overcome. While invoice financing and factoring is ultimately highly dependent on the economic trends and macro environment, we look forward to maintaining this upward momentum and to provide our services to SMEs all around the UK, and maybe, just maybe, around the world in 2019.
Steve Nico Williams, Populous World’s CEO commented, “2018 was a unique year for Populous World and 2019 is positioned to be a remarkable one. We believe that the team are well prepared for the year ahead. Our growth will be driven and determined by the success of PIP and we are making significant strides to progress the platform greatly, and to facilitate invoices from across the globe as the year marches on”.