Challenge Finance targets stake in factoring sector

27/02/2008

The Challenge Finance company has made clear its intention to target a stake in the growing factoring and debtor finance sector in the UK.

Having been founded in 2001, the company has been specialising in invoice discounting and factoring solutions and is aiming to get ahead of the competition by making use of one of the latest software solutions.

A recently agreed deal has seen Challenge Finance team up with Surecomp to access its allFAC receivables management solutions.

Bosses at the UK-based company are convinced that the "power, flexibility and versatility" of allFAC will make them better able to deliver a high-quality service to their customers.

"The UK factoring market is growing on average nine per cent per year in booth number of clients and sales volumes," said Jim Beck from Challenge Finance.

"We are determined to stake our claim to a portion of this vibrant market," he added.

A report from the Mail on Sunday recently warned that some small firms in the UK have been defrauding their financers by using so-called "fresh air invoices".