Invoice Finance Charges
Analysis - June 2026
Analysis of new invoice finance debentures registered at Companies House for June 2026. The month recorded 436 new IF charges, up 38 (+9.5%) vs June 2025 - the strongest June since 2022. Cumulative YTD 2026 stands at 2,380, down 109 (-4.4%) on a headline basis, but this flatters 2025: stripping out around 180 ABN Amro book transfers and 13 HSBC-to-4SYTE transfers, underlying 2026 is approximately 84 (+3.7%) ahead. eCapital Commercial Finance hit a record 68 (+32), now including the Optimum SME Finance book, while 4SYTE surged to 32 (+26) on the back of the Regency Factors wind-down.
Simon Carter, CCO
Invoice Finance Intelligence
June 2026 Total
436
new IF charges
Headline Var.
+9.5%
vs June 2025
Cumulative YTD
2,380
-109 vs prior year (-4.4%)
Top Lender
68
eCapital Commercial Finance (+32)
Summary
June 2026 recorded 436 new IF charges, up 38 versus June 2025 (+9.5%) - the strongest June since 2022. Prior June totals: 2022 (403), 2023 (421), 2024 (388), 2025 (398). The cumulative year-to-date figure stood at 2,380, down 109 from the prior year (2,489) - a 4.4% headline deficit. However, this comparison flatters 2025: approximately 180 ABN Amro book transfers and 13 HSBC-to-4SYTE cohort transfers were recorded by this point in 2025. Stripping these out, underlying 2026 is running approximately 84 charges (+3.7%) ahead of the prior year on a like-for-like basis.
Banks continued their retreat at the smaller end, falling to 67 (-14 vs June 2025), with a cumulative YTD deficit of -101. Lloyds Commercial Finance fell to 18 (-4), extending its cumulative shortfall to -67, while HSBC Invoice Finance dropped to 13 (-10). RBS Invoice Finance was the only bank to grow, edging up to 26 (+1).
Large independents rose to 230 (+22 vs June 2025), driven almost entirely by eCapital Commercial Finance's record month of 68 (+32) - now including the transferred Optimum SME Finance book - taking their cumulative YTD to 240 (+64 ahead of 2025). Bibby Finance remained the largest lender by cumulative volume at 350 (+18) despite a monthly dip to 53 (-16). Close Brothers fell to 29 (-9) and Skipton Business Finance continued its multi-year decline to 9 (-4).
Mid-tier independents surged to 97 (+30 vs June 2025), led by 4SYTE's jump to 32 (+26), driven by the demise of Regency Factors (16 refactors) and TP24's apparent market exit (5 refactors) - largely cohort consolidation rather than organic new-to-IF growth. Team Factors also posted a record 20 (+9), and Ultimate Finance grew to 19 (+9). Optimum SME Finance recorded zero activity for a second consecutive month following its absorption into eCapital. The specialist cohort grew to 31 (+9), with Quba solutions up to 14 (+10) and Sonovate to 7 (+4), though Zodeq continued to fall, down to 6 (-2).
Key Insights
- Strongest June since 2022 (436, +9.5%) - but the cumulative YTD headline of -4.4% understates underlying momentum. Adjusted for the 2025 ABN Amro book transfer and HSBC-to-4SYTE migration, 2026 is running approximately +3.7% ahead of the prior year.
- eCapital Commercial Finance record month at 68 (+32) - now including the Optimum SME Finance book. Cumulative YTD reaches 240, +64 ahead of 2025, making eCapital the standout growth story of the month.
- 4SYTE's surge to 32 (+26) is largely cohort absorption - the demise of Regency Factors (16 refactors) and TP24's apparent market exit (5 refactors) account for two-thirds of the increase, rather than organic new-to-IF growth.
- Team Factors posted a record 20 (+9) - cumulative YTD 90, +15 ahead of 2025, continuing its strong 2026 run.
- Ultimate Finance grew to 19 (+9) - though cumulative YTD of 65 remains -10 behind 2025, suggesting the June bounce has not yet closed the year-to-date gap.
- Banks at 67 (-14), cumulative deficit -101 - Lloyds Commercial Finance (-4) and HSBC Invoice Finance (-10) both declined, while RBS Invoice Finance was the sole bank to edge higher (+1). The bank cohort's retreat at the smaller end of the market remains a persistent 2026 theme.
- IGF (+6) and Sallyport Commercial Finance (+7) both posted record months - IGF reached 9 with a cumulative YTD of 22, while Sallyport hit 8 with a cumulative YTD of 32, +20 ahead of 2025.
- Employment activities remained the largest sector (69, +15, +28%) - alongside strong growth in specialised construction activities (45, +13, +41%) and wholesale trade (38, +9, +31%).
Lender Analysis
Detailed breakdown of IF charge registrations by lender category for June 2026, with prior-year comparisons and cumulative YTD figures.
Banks
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. | Refactor % |
|---|---|---|---|---|---|---|---|
| RBS Invoice Finance | 21 | 25 | 26 | +1 | 166 | +6 | 31% |
| Lloyds Commercial Finance | 47 | 22 | 18 | -4 | 151 | -67 | 6% |
| HSBC Invoice Finance | 16 | 23 | 13 | -10 | 114 | -18 | 38% |
| Metro Bank IF | 4 | 6 | 8 | +2 | 20 | -17 | 25% |
| Investec Capital | 2 | 5 | 2 | -3 | 18 | -5 | 50% |
| Total - Banks | 90 | 81 | 67 | -14 | 469 | -101 |
Large Independents
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. | Refactor % |
|---|---|---|---|---|---|---|---|
| Bibby Finance | 63 | 69 | 53 | -16 | 350 | +18 | 15% |
| eCapital Commercial Finance | 24 | 36 | 68 | +32 | 240 | +64 | 21% |
| Close Brothers | 26 | 38 | 29 | -9 | 152 | -37 | 41% |
| Skipton Business Finance | 22 | 13 | 9 | -4 | 66 | -43 | - |
| Novuna | 13 | 8 | 15 | +7 | 68 | +4 | 27% |
| Time Finance | 5 | 13 | 11 | -2 | 81 | +13 | 36% |
| Ultimate Finance | 9 | 10 | 19 | +9 | 65 | -10 | 47% |
| Cynergy Business Finance | 9 | 8 | 5 | -3 | 42 | +3 | 20% |
| IGF | 1 | 3 | 9 | +6 | 22 | -1 | 56% |
| Praetura | 4 | - | 4 | +4 | 13 | +1 | 50% |
| Secure Trust Bank | - | 2 | 3 | +1 | 7 | -8 | 33% |
| Leumi ABL | 4 | 3 | 3 | - | 9 | -10 | - |
| Pulse Cashflow Finance | - | 5 | 2 | -3 | 15 | -3 | 100% |
| FGI Finance | - | 1 | - | -1 | - | -1 | - |
| Total - Large Independents | 180 | 208 | 230 | +22 | 1130 | -9 |
Mid-tier Independents
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. | Refactor % |
|---|---|---|---|---|---|---|---|
| Apollo Business Finance | 12 | 21 | 16 | -5 | 131 | +37 | 19% |
| Team Factors | 19 | 11 | 20 | +9 | 90 | +15 | 5% |
| Optimum SME Finance | 11 | 8 | - | -8 | 9 | -62 | - |
| 4SYTE | 4 | 6 | 32 | +26 | 94 | +18 | 69% |
| Paragon Business Finance | 8 | 8 | 6 | -2 | 36 | -2 | 50% |
| Simplicity Finance | 1 | 2 | 2 | - | 8 | -3 | - |
| Sallyport Commercial Finance | 2 | 1 | 8 | +7 | 32 | +20 | 25% |
| Shire Invoice Finance | - | 1 | 3 | +2 | 34 | +25 | - |
| Castlebridge Finance | 2 | 1 | 3 | +2 | 14 | - | - |
| Wedo Finance | 3 | 4 | 3 | -1 | 34 | +19 | 33% |
| Peak Cashflow | 3 | 1 | 1 | - | 13 | -9 | - |
| Regency Factors | 1 | - | - | - | - | -5 | - |
| TP24 | 2 | - | - | - | - | -7 | - |
| Partnership Invoice Finance | - | 1 | 2 | +1 | 9 | +3 | 100% |
| GRENKE | 3 | 2 | 1 | -1 | 10 | -9 | 100% |
| FI Capital | 2 | - | - | - | 2 | -3 | - |
| Total - Mid-tier | 73 | 67 | 97 | +30 | 516 | +37 |
Specialists
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. | Refactor % |
|---|---|---|---|---|---|---|---|
| Quba Solutions | 10 | 4 | 14 | +10 | 67 | -3 | 29% |
| Sonovate | 9 | 3 | 7 | +4 | 58 | +38 | - |
| Zodeq | 8 | 8 | 6 | -2 | 32 | -47 | - |
| Liquid Link | 2 | 1 | 1 | - | 19 | -8 | - |
| Giant Finance | 1 | 6 | 3 | -3 | 12 | -3 | 33% |
| Total - Specialists | 30 | 22 | 31 | +9 | 188 | -23 |
Sector Analysis
New IF charges by sector for June 2026 versus June 2025. Employment activities and specialised construction activities led growth; retail trade and printing were the standout declines.
| Sector | June 2025 | June 2026 | Var. | % Var. |
|---|---|---|---|---|
| Employment activities | 54 | 69 | +15 | +28% |
| Specialised construction activities | 32 | 45 | +13 | +41% |
| Wholesale trade | 29 | 38 | +9 | +31% |
| Transportation | 30 | 28 | -2 | -7% |
| Office admin and business support | 16 | 13 | -3 | -19% |
| Human health activities | 2 | 12 | +10 | >+100% |
| Manufacture of fabricated metal products | 15 | 12 | -3 | -20% |
| Manufacture of food products | 8 | 10 | +2 | +25% |
| Security and investigation activities | 2 | 9 | +7 | >+100% |
| Technology - programming, software etc | 8 | 9 | +1 | +13% |
| Services to buildings and landscape activities | 14 | 8 | -6 | -43% |
| Warehousing and support activities for transportation | 12 | 8 | -4 | -33% |
| Other personal service activities | 14 | 7 | -7 | -50% |
| Waste collection, treatment and disposal | 5 | 6 | +1 | +20% |
| Wholesale and retail trade | 8 | 5 | -3 | -38% |
| Retail trade | 12 | 4 | -8 | -67% |
| Other professional, scientific and technical activities | 6 | 4 | -2 | -33% |
| Construction of buildings | 6 | 4 | -2 | -33% |
| Manufacture of rubber and plastic products | 3 | 4 | +1 | +33% |
| Printing and associated activities | 7 | - | -7 | -100% |
Regional Analysis
Top 5 lenders by new IF charges in each Spark sales region for June 2026.
01. North East
- Bibby Finance3
- Apollo Business Finance3
- Ultimate Finance1
- Skipton Business Finance1
- RBS Invoice Finance1
02. North West
- 4SYTE7
- eCapital Commercial Finance7
- Bibby Finance6
- Ultimate Finance6
- Novuna4
03. Yorkshire / Humber
- 4SYTE6
- Bibby Finance6
- eCapital Commercial Finance5
- Ultimate Finance4
- HSBC Invoice Finance3
04. Midlands
- eCapital Commercial Finance16
- Bibby Finance7
- Close Brothers4
- Paragon Business Finance3
- Arbuthnot Latham & Co3
05. East Midlands
- Bibby Finance4
- Close Brothers3
- Lloyds Commercial Finance1
- RBS Invoice Finance1
- Quba Solutions1
06. East of England
- eCapital Commercial Finance4
- Bibby Finance4
- Apollo Business Finance3
- HSBC Invoice Finance2
- Lloyds Commercial Finance2
07. South East
- eCapital Commercial Finance18
- RBS Invoice Finance10
- Bibby Finance8
- Close Brothers7
- 4SYTE6
08. South West
- Bibby Finance8
- Lloyds Commercial Finance3
- Team Factors2
- Apollo Business Finance2
- eCapital Commercial Finance2
09. London
- 4SYTE8
- Bibby Finance5
- Team Factors5
- eCapital Commercial Finance4
- RBS Invoice Finance3
10. Wales
- 4SYTE2
- Quba Solutions1
- Ultimate Finance1
- Bibby Finance1
- eCapital Commercial Finance1
11. Scotland
- eCapital Commercial Finance10
- Close Brothers3
- Sonovate2
- RBS Invoice Finance2
- HSBC Invoice Finance2
12. Northern Ireland
- Close Brothers2
- Bibby Finance1
- Team Factors1
- Sallyport Commercial Finance1
Notable New Charges
Significant new borrowers by turnover scale - businesses which appear to represent substantial new IF relationships funded in June 2026.
James Donaldson Group Ltd
Company No: SC010528 | Last filing: Sep-2024
Turnover
£301.7m
Trade Debtors
£45.6m
Net Assets
£62.0m
Est PBT
-£5.2m
Staff: 1,973 (+14.3%) | Manufacture of wood and of products of wood and cork
Magnet Group Limited
Company No: 04184676 | Last filing: Dec-2024
Turnover
£354.1m
Trade Debtors
£35.9m
Net Assets
-£1.6m
Est PBT
-£22.0m
Staff: 1,988 (-13.3%) | Other manufacturing
Orion Engineering Services Limited
Company No: SC098014 | Last filing: Dec-2024
Turnover
£281.4m
Trade Debtors
£33.1m
Net Assets
£21.3m
Est PBT
£3.2m
Staff: 185 (-1.1%) | Employment activities
Investigo Limited
Company No: 04803377 | Last filing: Dec-2024
Turnover
£193.5m
Trade Debtors
£30.9m
Net Assets
£28.3m
Est PBT
£1.5m
Staff: 277 (-9.2%) | Wholesale trade
Amoria Bond Limited
Company No: 05895820 | Last filing: Nov-2024
Turnover
£141.3m
Trade Debtors
£19.6m
Net Assets
£3.5m
Est PBT
£1.5m
Staff: 306 (+10.1%) | Employment activities
Portmeirion Group Public Limited Company
Company No: 00124842 | Last filing: Dec-2025
Turnover
£91.1m
Trade Debtors
£16.9m
Net Assets
£48.4m
Est PBT
-£7.2m
Staff: 664 (-1.0%) | Employment activities
Major Recruitment Limited
Company No: 06570143 | Last filing: Mar-2025
Turnover
n/a
Trade Debtors
£14.9m
Net Assets
-£4.1m
Est PBT
-£4.6m
Staff: 251 (-10.7%) | Employment activities
E.B. Bradshaw & Sons Limited
Company No: 00222864 | Last filing: Mar-2025
Turnover
£66.4m
Trade Debtors
£11.7m
Net Assets
£13.6m
Est PBT
£2.7m
Staff: 72 (-4.0%) | Manufacture of food products
Total Protection (Holdings) Ltd
Company No: 08446215 | Last filing: Mar-2025
Turnover
£38.4m
Trade Debtors
£7.8m
Net Assets
£3.9m
Est PBT
£536k
Staff: 139 (+5.3%) | Land transport and transport via pipelines
Miller UK Limited
Company No: 02208524 | Last filing: Dec-2024
Turnover
£21.0m
Trade Debtors
£6.2m
Net Assets
£12.3m
Est PBT
£1.0m
Staff: 158 (-13.2%) | Manufacture of fabricated metal products
Refactoring Activity
Refactoring - where a new IF charge follows the discharge of an existing facility - was particularly active in June 2026, driven by the exit of two mid-tier lenders. Key observations:
- 4SYTE absorbed 21 refactor charges, driven by the demise of Regency Factors (16) and TP24's apparent market exit (5) - accounting for two-thirds of 4SYTE's 32 total this month and confirming the surge is largely cohort consolidation rather than organic new-to-IF growth.
- eCapital Commercial Finance gained 14 refactor charges, the second-highest inbound total in the market, spread across former Close Brothers, Bibby Finance and RBS relationships as it continues to absorb switching clients alongside the Optimum SME Finance book.
- Close Brothers gained 12 refactors - 41% of its 29 charges this month - continuing to position itself as a strong switching destination for larger accounts.
- Investec Capital and Pulse Cashflow Finance posted the highest refactor rates in the bank/large-independent cohort (50% and 100% respectively), reflecting their focus on established, switching clients rather than new-to-IF business.
- Apollo Business Finance (19%) and Team Factors (5%) remain the market's lowest refactor-rate lenders among high-volume originators, reinforcing their new-to-IF client acquisition model even as Team Factors posted a record month.
Refactor proportions by lender (for the month): Pulse Cashflow Finance 100%, GRENKE 100%, Partnership IF 100%, 4SYTE 69%, IGF 56%, Investec Capital 50%, Praetura 50%, Paragon Business Finance 50%, Ultimate Finance 47%, Close Brothers 41%, HSBC Invoice Finance 38%, Secure Trust Bank 33%, Giant Finance 33%, Wedo Finance 33%, RBS Invoice Finance 31%, Quba solutions 29%, Novuna 27%, Sallyport Commercial Finance 25%, eCapital Commercial Finance 21%, Cynergy Business Finance 20%, Apollo Business Finance 19%, Bibby Finance 15%, Metro Bank IF 25%, Team Factors 5%, Lloyds Commercial Finance 6%.
Methodology
This report analyses new invoice finance charges registered at Companies House and included in the dataset to 5 July 2026.
- IF Charges are identified where the charge-holder name or the nature of the charge is consistent with an invoice finance facility. This analysis covers lenders where a sufficiently strong pattern can be identified - certain high-street banks (Barclays, Santander etc.) are excluded where identification is not reliable.
- Adjusted comparisons strip out known book transfers and cohort migrations from the prior year (notably the ABN Amro book transfer in 2025 and an HSBC-to-4SYTE cohort migration) to provide a like-for-like view of underlying market activity.
- Regions are Spark sales regions, allocated by AI based on HMRC or Companies House registered address.
- Refactor rates are based on specific IF charge successions - where a new IF charge follows discharge of an existing facility within a defined window, or where an existing bank charge remains open at the time of the new IF charge.
- Group charges (where a single charge covers multiple group companies) are counted as one charge for the purposes of this analysis.
- Contains public sector information licensed under the Open Government Licence v3.0.
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