ATLANTA, Feb. 15, 2017 /PRNewswire/ -- PrimeRevenue, Inc., the leading platform for working capital finance solutions, today announced record-breaking results for 2016. The Company's 20,000-plus customers in over 70 countries processed more than $100 billion in supply chain financing (SCF) transactions using the company's proprietary platform. In addition, 3,500 new clients, who understand the value of early payments secured through PrimeRevenue's multi-funder, bank-agnostic lenders, were added to the platform.
"As the largest fintech company dedicated exclusively to supply chain finance, this growth is linked to increased demand and appreciation for new working capital strategies," says PJ Bain, CEO of PrimeRevenue. "Large and mid-sized companies are recognizing that a supply chain finance initiative can be beneficial both to their own businesses as well as their suppliers, and that their own success hinges heavily on those suppliers."
Key growth sectors include retail, food and beverage, energy and consumer products, although PrimeRevenue's Supply Chain platform is being utilized across most industries.
"The numbers are even more meaningful when you consider that in December, an average of more than $150 million in early payments were processed through our platform per day," continues Bain. "SCF is freeing up a staggering amount of capital that companies are using to mitigate risk, pay down debt and support strategic growth strategies in areas such as marketing, acquisitions, R&D and much more."
One of PrimeRevenue's clients "unlocked" more than $750 million in cash flow in the fourth quarter of 2016, allowing the company to pay down debt, which directly influenced a Moody's ratings upgrade.
In 2016, PrimeRevenue also focused on integrating procure-to-pay processes and technology through new partnerships with companies such as SAP Ariba, allowing buyers and sellers to directly connect their procurement and finance for improved relationships and cash flow.
"The exponential growth we realized in 2016 is a testament to our team," says Bain. "Our clients appreciate our unmatched experience and longevity in the supply chain finance market, especially when compared with the growing number of SCF industry entrants emerging to try and seize marketplace opportunities."
PrimeRevenue is already seeing the momentum continuing into 2017, which was anticipated by a late-2016 study conducted by Global Business Intelligence indicating there's a vast need for supply chain financing. The survey revealed that 25 percent of respondents anticipate financing at least 10 percent of their receivables through some sort of early-pay finance program within five years.
"I'd be remiss not to mention that at PrimeRevenue, we are very grateful for our clients," concludes Bain. "Successful supply chain financing requires true multi-disciplinary teamwork and our clients work with us seamlessly and wholeheartedly to deploy programs throughout their organizations, while successfully onboarding their suppliers."
About PrimeRevenue
PrimeRevenue makes the global economy more efficient by unlocking cash in corporate financial supply chains. Headquartered in Atlanta, with offices in Prague, Hong Kong & Melbourne, PrimeRevenue manages over $100 billion in transactions and frees up cash for more than 20,000 clients to invest in their company's future, in over 70 countries. Additional information about PrimeRevenue can be found at www.primerevenue.com | Twitter: @primerevenue | LinkedIn: http://www.linkedin.com/company/primerevenue.
Media Contact:
Jen Fugel
Newsmaker Group, PrimeRevenue PR Representative
[email protected]
+1 (845) 657-4202
SOURCE PrimeRevenue
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