GapCap – which has financed over £250m worth of invoices for UK SMEs – will be taking over the client management and day-to-day operations of the Invocap invoice finance book.
This will allow Invocap to focus on its other business lending products, such as business loans, developing its core technology platform and driving its growth in the German market.
"We are delighted to take this strategic move, as we aim to grow our invoice finance business aggressively,” said Alex Fenton, CEO at GapCap (pictured above).
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“We have had a good relationship with the Invocap team for several years, and are pleased to move the partnership to the next level.”
Dave Cockle, UK managing director at Invocap, said that it had been looking for some time to work closely with invoice finance providers in the UK.
“We believe GapCap [has] a fantastic team and [the] customer support our clients will be delighted with.
“We look forward to taking the next step of our invoice finance business together with them.”
Gideon Shaw, CEO at Invocap, added that the partnership allowed it to leverage the combined invoice finance expertise of its teams and technology.
“With GapCap taking the lead in the day-to-day management of our invoice finance product, we are now able to focus on additional lending products, such as business loans, which are now a significant part of our business.
“The move also allows us to focus on our growing operations in the German market.”