ATLANTA, May 20, 2019 /PRNewswire/ -- PrimeRevenue, Inc., the leading provider of working capital financial technology solutions, today announces it is on track to process a quarter of a trillion dollars in trade payment transactions in 2019.
From trade and upload volumes to the number of suppliers trading on PrimeRevenue's supply chain finance platform, all key performance indicators are trending higher. Year-over-year quarterly growth continues to accelerate in the following areas:
- Supplier early payment volume increased 12 percent
- Trade assets under management increased 20 percent
- The number of suppliers accessing early payment on PrimeRevenue's platform increased close to 30 percent
The company attributes some of this record growth to its patented Electronic Time Drafts solution. Electronic Time Drafts significantly improve the onboarding speed and supplier experience in jurisdictions where liens against receivables exist, such as the United States. The total number of trading suppliers taking advantage of the Electronic Time Drafts solution has more than doubled in Q1 year-over-year.
"We expect our growth trajectory and velocity to continue throughout 2019 as the demand for supply chain finance is growing," states PJ Bain, CEO of PrimeRevenue. "Record levels of corporate debt are pushing companies to look for new ways to fund their strategic initiatives that don't have a negative impact on their balance sheet."
PrimeRevenue's supply chain finance (reverse factoring) solutions help organizations in 70+ countries optimize their working capital to efficiently fund strategic initiatives, gain a competitive advantage and strengthen relationships throughout the supply chain. As the leading provider of working capital financial technology solutions, PrimeRevenue's diverse multi-funder platform processes more than $200 billion USD in payment transactions per year. The company is headquartered in Atlanta, with offices in London, Prague, Frankfurt, Hong Kong and Melbourne. Additional information about PrimeRevenue can be found at www.primerevenue.com | Twitter: @primerevenue | LinkedIn: www.linkedin.com/company/primerevenue.
SOURCE PrimeRevenue, Inc.