Factoring markets 'seeing significant growth'

01/02/2008

Markets across Europe for factoring as a method of refinancing have seen significant rates of growth in recent years, according to one expert.

Faisal Khan, head of banking in western Europe for software development firm 3i Infotech, has suggested that an increasing number of businesses across the continent are turning to factoring as way of funding their activities.

Mr Khan's comments came after 3i Infotech announced the appointment of Brian Hennessey as a business analyst who it is hoped will enable to the firm to meet the needs of its factoring clients more effectively.

Commenting on the prospects for the sector, Mr Hennessey said: "There is an expanding market for factoring software throughout Eastern Europe and the newly formed EU members.

"The market demands web based platform independent systems that can easily integrate with other products."

Figures released by the British Bankers' Association recently showed that company borrowing levels for December 2007 were considerably above the UK's average for the past six months.