Technology investment pays off as lender sees record growth in customers
Telford-based lender Hitachi Capital Invoice Finance, part of Hitachi Capital (UK) has seen record growth in customer numbers for the second consecutive year, contributing to the wider group’s 5.8% rise in pre-tax profit to £123.1m for 2018/19.
Hitachi Capital Invoice Finance recorded a 17% increase in new clients year-on-year, which it says is a “notable achievement” within a static invoice finance market.
The business unit’s growth is a direct result of major investment that has included the introduction of AI-powered technology which makes bringing clients on board easier and quicker.
The platform, FLi, means Hitachi Capital is the first provider in the industry able to take on customers in 24 hours by using a digital signature.
Hitachi Capital Invoice Finance lent more than £80.1m to over 800 businesses during the 12-month period.
The business, which employs 108 staff at its base in Telford, demonstrated its commitment to start-ups and small businesses by launching a partnership with the Federation of Small Business (FSB) that helps members maintain liquidity and identify relevant funding streams.
Andy Dodd, managing director of Hitachi Capital Invoice Finance, said: “Our investment in technology is supercharging the way we serve clients. In today’s volatile business climate, SMEs need quick and flexible finance, that is easy to manage and from a trustworthy source. Our new on-boarding platform, FLi, achieves all of that, and the new business we’ve generated since launch is proof of its long term value.
“Our ambition for FY19/20 is to consolidate and grow our position and help as many start-ups and SMEs as possible to maintain liquidity. Our continued excellent customer service proposition, coupled with our new on-boarding platform, means that we’re looking forward to a very successful year ahead.”
As a Group, Hitachi Capital (UK) PLC achieved its 10th successive year of sustainable growth. The financial services firm, which also provides support across business finance, consumer finance, vehicle solutions and to European Hitachi group vendors, reports a compounded annual growth rate for the past decade of 22%.
Expansion in Europe, coupled with strong UK performance, led to net earning assets of more than £5bn (£5.6bn a 16% rise from the £4.8bn reported in FY17/18.)
Robert Gordon, CEO of Hitachi Capital (UK), said: “These outstanding results are the culmination of 10 years of sustainable growth, where Hitachi Capital (UK) PLC has consistently outperformed the average growth of many of the leading companies in the UK.
“Despite the challenging financial climate of the last year, we’ve continued to grow both profits and new business in our core UK market, while also expanding our footprint in Europe. We now operate in 17 countries, writing over £300m of new business outside of the UK.”
