- Supporting Britain’s SMEs sees Propel grow by 56% in 2022 and over 300% since 2020
- Net-zero and ESG investing seen as key drivers of growth
- Further innovation in embedded payment options for small businesses will drive further expansion in 2023-24
LONDON, July 19, 2023 /PRNewswire/ — Propel has been ranked as the fastest-growing asset finance company in the UK for the second year running. This coveted title was awarded by Asset Finance UK 50, the in-depth report that provides valuable industry insights based on audited & publicly available accounts and the latest filing data from Companies House.
Propel’s remarkable growth, surpassing 300 percent over the past three years, is a testament to the company’s unique human-digital approach. By combining exceptional service standards and cutting-edge technology, Propel has revolutionised the ability for small and medium sized businesses to obtain the finance they need to drive productivity and performance.
The company’s landmark partnerships with leading organisations such as Barclays Business Banking, Azets, and Samsung have opened up opportunities for over one million SMEs to access fast & flexible asset finance to boost investment and growth.
Propel’s extraordinary strong performance in 2022 was achieved despite a challenging year for the financial services sector and wider business economy, with geopolitical conflict, supply chain issues, the cost-of-living crisis, increasing energy costs, rising inflation and higher interest rates all presenting headwinds for businesses large and small.
Mark Catton, CEO of Propel Finance, said: “I am delighted to see the industry acknowledge our success over the past year in terms of enabling more SMEs to invest and grow, in the face of some real challenges for businesses. Our success is grounded in our service standards and responsiveness, providing flexible support to SMEs when they need it most.
“Our focus on helping businesses meet the challenges of net zero has played a pivotal role in helping smaller businesses make the transition to green assets, by allowing them to make investments which yield long-term efficiencies.”
In 2022, Propel supported more than 14,000 new finance deals with smaller firms, with an increasing emphasis on unlocking access to Net Zero assets like fully-electric vehicles and renewable energy.
Propel has also invested more than £6 million in the development of its revolutionary proprietary technology, Propeller, which has transformed the financing process. What would have historically taken days or weeks can now be accomplished in a matter of hours, with just a few clicks, from application to payout for new equipment purchases.
Propel is fostering the transition to Net Zero among SMEs, who are able to obtain financing for greener assets without requiring a large capital outlay by spreading payments over time.
“Making the move to Net Zero is a collective effort that’s already spurring a wave of investment in electric vehicles & renewable energy assets; and this will lead to the further diversification, expansion, and evolution of the asset finance sector,” said Mark Catton.
Propel is investing in its innovative offering in embedded finance, providing SMEs access to finance via E-comm and webshop offerings, for technology and smaller ticket assets.
The new ‘PropelPay’ feature is planned to be deployed on trade and B2B websites as a payment option at checkout, giving small businesses even greater convenience when looking to invest in technology assets such as mobiles, tablets, laptops, audio & visual, and similar equipment.
Mark Catton concluded: “Asset finance addresses a number of challenges for SMEs, including affordable investment into new assets, raising cashflow for business investment from existing owned assets, supporting investment in latest technology assets, and supporting ESG implementation. At Propel we work with business owners to support investment choices.”