PrimeRevenue Finds 90 Percent of Suppliers Agree to Term Extensions When Offered Supply Chain Finance
The company is now accelerating nearly $2 billion in supplier invoice payments weekly.
ATLANTA, July 31, 2018 – PrimeRevenue, Inc., the world’s largest non-bank originator of trade finance assets, today announces the results of an internal analysis which has determined that 90 percent of suppliers associated with a PrimeRevenue program have accepted term extensions in the last 12 months, up from 78 percent the three-years prior. Of those 90 percent of suppliers that have accepted terms, 80 percent have onboarded to a PrimeRevenue supply chain finance solution.
The company is now accelerating nearly $2 billion in supplier invoice payments per week and nearly half of annual payments processed are accelerated for early payments by suppliers. This significant increase in supply chain finance transactions is a result of record growth in 2018. The company’s daily trade assets under management (AUM) is more than $15 billion outstanding as of June 30, 2018, making PrimeRevenue equivalent to the top U.S. 100 financial institutions based on AUM.
“We continue to be the largest multi-funder working capital finance technology solution in the world,” states PJ Bain, CEO of PrimeRevenue. “With that growth and strength, comes the expectation of Excellence, which is driven by both our customers and our company culture. We will continue to provide the quality of service and the robust technology necessary for our customers to see immense success in their supply chain finance programs, while also ensuring suppliers have access to an attractive working capital solution.”
PrimeRevenue continues to see an increase in supplier trading activity. Suppliers traded nearly $3 billion more in invoices in the second quarter of 2018 than in the same period in 2017.