Invoice Finance Charges
Analysis - March 2026
Analysis of new invoice finance debentures registered at Companies House for March 2026. The month recorded 388 new IF charges, a decline of 73 versus March 2025 (-14.3%) - the lowest March figure since the inception of the Spark Intel IF dataset. Banks fell to 77 (-29) while eCapital surged to 41 (+14) and specialised construction hit a multi-year high.
Spark Intel Research Team
Data analysis and market intelligence
Mar 2026 Total
388
new IF charges
Headline Var.
-14.3%
vs Mar 2025
Cumulative YTD
1,131
-92 vs prior year
Top Sector
47
specialised construction
Summary
March 2026 recorded 388 new IF charges, a decline of 73 versus March 2025 (-14.3%). This was the lowest March total since the inception of the Spark Intel invoice finance dataset - prior March totals: 2022 (451), 2023 (510), 2024 (436), 2025 (461). The cumulative year-to-date figure stood at 1,131, down 92 from the prior year (1,223). The report notes this decline is partly attributable to the elevated baseline created by new facilities following ABN Amro's withdrawal, alongside likely market hesitancy driven by geopolitical tensions.
Banks contracted sharply to 77 (-29), the most significant segment decline. Lloyds Commercial Finance fell from 40 to 20 (-20) - the largest single-lender monthly drop in the dataset - while RBS fell to 29 (-10). HSBC held near-flat at 18 (+1). The cumulative bank deficit now stands at -67 year-on-year.
Large independents fell to 187 (-28). eCapital Commercial Finance was the standout, surging to 41 (+14) - their strongest month in recent history. Time Finance also grew strongly to 20 (+12). These gains were offset by Close Brothers falling to 23 (-14) and Skipton Business Finance dropping to 9 (-18).
Mid-tier independents held flat at 82 (unchanged). Apollo Business Finance (21, +6), 4SYTE (15, +5), and Shire Invoice Finance (9, +7) all grew, while Optimum SME Finance recorded zero charges for the month. Specialists fell to 25 (-20), with Zodeq declining to 5 (-12) and Sonovate to just 1 (-4).
Key Insights
- Lowest March on record (388, -14.3%) - pulling cumulative 2026 YTD to 1,131, a deficit of 92 versus the same period in 2025. The combination of geopolitical uncertainty and an elevated prior-year base following ABN Amro's market exit is cited as the primary driver.
- Lloyds down 20 to just 20 charges - the largest single-month decline for any individual lender in recent history. The cumulative Lloyds YTD now sits at 74 versus 127 in the same period last year (-53).
- eCapital surged to 41 (+14) - their cumulative YTD of 95 is now running +17 ahead of prior year. 86% of eCapital's new business came from companies with no existing IF or bank facility.
- Bibby Finance volume leader at 66 (+6) - cumulative YTD of 174 is +23 ahead of 2025. Bibby dominated the South East with 21 charges, the highest concentration of any lender in any region this month.
- Specialised construction: 47 (+14, +42%) - the standout sector, continuing a run of construction strength. Employment activities fell sharply to 43 (-43, -50%), while services to buildings and landscape grew to 14 (+5, +56%).
- Apollo Business Finance surging (21, +6) - cumulative YTD of 72 is +30 ahead of 2025. Apollo now ranks among the most active mid-tier lenders, with 95% of new business from companies with no existing IF facility.
- Skipton Business Finance fell to 9 (-18) - cumulative YTD of 29 versus 58 in 2025 (-29). 89% of Skipton's new business came from companies with no existing IF facility, suggesting they are targeting new-to-market borrowers.
Lender Analysis
Detailed breakdown of IF charge registrations by lender category for March 2026, with prior-year comparisons and cumulative YTD figures.
Banks
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. | Refactor % |
|---|---|---|---|---|---|---|---|
| RBS Invoice Finance | 23 | 39 | 29 | -10 | 80 | -4 | 21% |
| Lloyds Commercial Finance | 34 | 40 | 20 | -20 | 74 | -53 | 20% |
| HSBC Invoice Finance | 20 | 17 | 18 | +1 | 53 | -8 | 17% |
| Metro Bank IF | 10 | 7 | 3 | -4 | 8 | -7 | 33% |
| Investec Capital | 6 | 3 | 7 | +4 | 12 | +5 | 14% |
| Total - Banks | 93 | 106 | 77 | -29 | 227 | -67 |
Large Independents
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. | Refactor % |
|---|---|---|---|---|---|---|---|
| Bibby Finance | 78 | 60 | 66 | +6 | 174 | +23 | 14% |
| eCapital Commercial Finance | 33 | 27 | 41 | +14 | 95 | +17 | 7% |
| Close Brothers | 21 | 37 | 23 | -14 | 63 | -29 | 13% |
| Time Finance | 8 | 8 | 20 | +12 | 40 | +9 | 20% |
| Ultimate Finance | 6 | 15 | 12 | -3 | 25 | -10 | 25% |
| Skipton Business Finance | 11 | 27 | 9 | -18 | 29 | -29 | 11% |
| Novuna | 27 | 15 | 7 | -8 | 35 | +2 | 29% |
| Cynergy Business Finance | 8 | 5 | 5 | - | 15 | -3 | 40% |
| Praetura | 4 | 1 | 3 | +2 | 8 | +4 | 67% |
| Leumi ABL | 2 | 7 | 1 | -6 | 4 | -8 | - |
| IGF | 4 | 6 | - | -6 | 6 | -5 | - |
| Secure Trust Bank | 4 | 7 | - | -7 | 4 | -5 | - |
| Pulse Cashflow Finance | 6 | - | - | - | 10 | +8 | - |
| FGI Finance | - | - | - | - | - | - | - |
| Total - Large Independents | 212 | 215 | 187 | -28 | 508 | -26 |
Mid-tier Independents
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. | Refactor % |
|---|---|---|---|---|---|---|---|
| Apollo Business Finance | 9 | 15 | 21 | +6 | 72 | +30 | 5% |
| Team Factors | 9 | 15 | 15 | - | 45 | +7 | 7% |
| 4SYTE | 5 | 10 | 15 | +5 | 41 | +18 | 20% |
| Shire Invoice Finance | 1 | 2 | 9 | +7 | 21 | +15 | 11% |
| GRENKE | 2 | 5 | 6 | +1 | 8 | -1 | - |
| Wedo Finance | 1 | - | 4 | +4 | 13 | +11 | 50% |
| Paragon Business Finance | 9 | 5 | 5 | - | 15 | +1 | 40% |
| Sallyport Commercial Finance | 2 | 2 | 3 | +1 | 11 | +2 | 67% |
| Peak Cashflow | 2 | 6 | 2 | -4 | 6 | -8 | - |
| Castlebridge Finance | 1 | 1 | 1 | - | 8 | +2 | - |
| Partnership Invoice Finance | 2 | 1 | 1 | - | 4 | -1 | - |
| Optimum SME Finance | 11 | 13 | - | -13 | 9 | -31 | - |
| Simplicity Finance | - | 2 | - | -2 | 1 | -4 | - |
| Regency Factors | 4 | 1 | - | -1 | - | -2 | - |
| TP24 | 7 | 2 | - | -2 | - | -5 | - |
| FI Capital | - | 2 | - | -2 | 1 | -3 | - |
| Total - Mid-tier | 65 | 82 | 82 | - | 255 | +31 |
Specialists
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. | Refactor % |
|---|---|---|---|---|---|---|---|
| Quba Solutions | 7 | 14 | 15 | +1 | 37 | -8 | - |
| Zodeq | 25 | 17 | 5 | -12 | 15 | -32 | 20% |
| Liquid Link | 6 | 8 | 4 | -4 | 12 | -7 | 50% |
| Sonovate | 17 | 5 | 1 | -4 | 29 | +15 | - |
| Giant Finance | - | 1 | - | -1 | 6 | - | - |
| Total - Specialists | 55 | 45 | 25 | -20 | 99 | -32 |
Sector Analysis
New IF charges by sector for March 2026 versus March 2025. Specialised construction led growth; employment activities saw the sharpest decline.
| Sector | Mar 2025 | Mar 2026 | Var. | % Var. |
|---|---|---|---|---|
| Specialised construction activities | 33 | 47 | +14 | +42% |
| Employment activities | 86 | 43 | -43 | -50% |
| Transportation and storage | 25 | 32 | +7 | +28% |
| Wholesale trade | 45 | 30 | -15 | -33% |
| Services to buildings and landscape | 9 | 14 | +5 | +56% |
| Manufacture of food products | 6 | 11 | +5 | +83% |
| Human health activities | 5 | 11 | +6 | +120% |
| Technology - programming / software | 11 | 9 | -2 | -18% |
| Retail trade | 13 | 10 | -3 | -23% |
| Other personal service activities | 8 | 12 | +4 | +50% |
| Manufacture of fabricated metal products | 20 | 13 | -7 | -35% |
| Other professional, scientific and technical | - | 6 | +6 | n/a |
| Manufacture of rubber and plastic products | 7 | 5 | -2 | -29% |
| Security and investigation activities | 3 | 7 | +4 | +133% |
| Construction of buildings | 4 | 7 | +3 | +75% |
| Office admin and business support | 24 | 8 | -16 | -67% |
| Wholesale and retail trade | 9 | 4 | -5 | -56% |
| Printing and associated activities | 5 | 4 | -1 | -20% |
| Waste collection and disposal | 5 | 4 | -1 | -20% |
| Warehousing and transport support | 4 | - | -4 | -100% |
Regional Analysis
Top 5 lenders by new IF charges in each Spark sales region for March 2026.
01. North East
- Lloyds Commercial Finance4
- Bibby Finance4
- RBS Invoice Finance1
- Time Finance1
- Praetura1
02. North West
- RBS Invoice Finance8
- eCapital Commercial Finance7
- Close Brothers5
- Bibby Finance4
- Time Finance4
03. Yorkshire / Humber
- Bibby Finance10
- Close Brothers5
- RBS Invoice Finance5
- HSBC Invoice Finance5
- Skipton Business Finance4
04. Midlands
- Bibby Finance7
- Close Brothers5
- HSBC Invoice Finance4
- eCapital Commercial Finance4
- RBS Invoice Finance3
05. East Midlands
- Bibby Finance5
- 4SYTE3
- RBS Invoice Finance2
- HSBC Invoice Finance2
- eCapital Commercial Finance1
06. East of England
- Bibby Finance4
- Time Finance4
- eCapital Commercial Finance4
- RBS Invoice Finance3
- Apollo Business Finance3
07. South East
- Bibby Finance21
- eCapital Commercial Finance5
- Time Finance5
- Lloyds Commercial Finance5
- Team Factors4
08. South West
- Quba Solutions2
- 4SYTE2
- RBS Invoice Finance2
- eCapital Commercial Finance2
- Kriya2
09. London
- eCapital Commercial Finance9
- Quba Solutions7
- Bibby Finance6
- Lloyds Commercial Finance3
- Apollo Business Finance3
10. Wales
- Bibby Finance2
- eCapital Commercial Finance2
- Team Factors1
- Time Finance1
- Ultimate Finance1
11. Scotland
- eCapital Commercial Finance3
- Shire Invoice Finance2
- Bibby Finance2
- Paragon Business Finance2
- Investec Capital1
12. Northern Ireland
- Team Factors1
- Close Brothers1
Refactoring Activity
Refactoring - where a new IF charge follows the discharge of an existing facility - was modest in March 2026, consistent with the overall volume reduction. Key observations from the refactoring matrix:
- RBS Invoice Finance was the most active refactoring source with 5 outbound moves, with clients switching to Bibby Finance (3), 4SYTE (1), and Close Brothers (1) among others.
- Bibby Finance received 7 refactors (the highest inbound count), gaining clients from RBS (3), Lloyds (1), Cynergy (1), Ultimate Finance (2), and Liquid Link (1).
- Lloyds Commercial Finance lost 4 clients to refactoring, switching to Bibby Finance (1), Cynergy (1), Close Brothers (1), and others - consistent with the lender's sharp monthly volume decline.
- Time Finance was an active net receiver, gaining 4 refactors from RBS (2), Optimum SME Finance (1), and Skipton (1).
Refactor proportions by lender (for the month): Praetura 67%, Sallyport 67%, Cynergy 40%, Wedo Finance 50%, Liquid Link 50%, Paragon 40%. Banks ranged from 14% (Investec) to 33% (Metro Bank).
Methodology
This report analyses new invoice finance charges registered at Companies House and included in the dataset to 8 April 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.
- 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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