87% increase in online businesses seeking flexible funding
Camden-based 365 finance, offering Rev&U™ revenue-based finance to SMEs across the UK, has reported a staggering 87% year-on-year increase in online businesses opting for fast and flexible funding.
According to the latest data from 365 finance, the five biggest growth sectors over the last 12 months, showing the largest rises in demand for funding, include:
- Online businesses: 87% growth
- Hotels: 55% growth
- Medical and professional services: 49% growth
- Hair and beauty salons: 48% growth
- Garages and MOT centres: 47% growth
SMEs from any industry can apply for up to £400,000 of funding with 365 finance’s Rev&U™ product, which is now more accessible than ever due to the company’s unique AI-powered automated underwriting system.
Reporting an increase of 42% year-on-year in the number of funded deals 365 finance has completed, the award-winning provider’s continued growth is partly due to having updated its online presence and application processes towards the end of 2023, enabling more SMEs requiring finance to quickly apply and gain approval on funds.
Managing director at 365 finance, Andrew Raphaely, said, “We continually strive to serve SMEs with the best level of flexible funding to suit their business needs, and which can help them to either expand or manage their peaks and troughs in cash flow.
“We’ve seen a renewed demand from online businesses for revenue-based finance, which is a trend that has gathered pace over the last 12 months, showing that the predicted new online boom for 2024 is coming to fruition.
“Meanwhile, the increase in hotel owners applying for alternative finance is down to numerous factors, including another rise in demand for staycations and the ongoing higher costs associated with running hospitality businesses.”