Performance, one of the six words we structure our corporate values around, has been top of mind this year. On the heels of doubling annual volume from $100 billion in 2016 to $200 billion in mid-2018, we set a goal to continue our momentum and reach the next milestone.
Less than halfway through the year, I am happy to report that we’re on track to process a quarter of a trillion dollars in trade finance payments and are continuing to see year-over-year quarterly growth. In Q1, for example, the number of suppliers accessing early payment on the PrimeRevenue platform increased nearly 30 percent. Trade assets under management grew 20 percent in the first quarter compared to 2018.
Some of that growth can be attributed to our patented Electronic Time Drafts solution, which reduces the time it takes to onboard suppliers in jurisdictions where liens against receivables exist (including the U.S.). The total number of trading suppliers taking advantage of this solution has more than doubled in Q1 year-over-year, and we expect that number to continue growing as we move into the second half of the year.
How We’re Making Our Growth Goals a Reality
Material growth doesn’t just happen. No matter how great the product/service or how ripe the market conditions, growth is never a given. The determining factor comes down to how a company does business with its customers.
We are growing our business one client at a time, and we want every client to feel like they’re our only client. That’s especially true during a period of record growth when it’s easy to let important aspects such as core customer service become less of a maniacal focus. Every constituent in our ecosystem needs to be able to rely on exemplary service for both them and us to continue growing at such a pace.
PrimeRevenue services a network of businesses. In the last 15 years, we’ve supported 30,000+ buyer and supplier organizations in nearly 80 countries in partnership with more than 100 funding institutions. How we engage with each of these stakeholders has a lasting impact on our business, and we’re just now seeing the network effect accelerate. Our growth is accelerating because we are focused on our clients’ successes.
We continue to remain committed to expanding supply chain finance to underserved markets. A little over three years ago, we decided to organize ourselves to bring our working capital optimization solutions to middle market companies and began engineering our funding network accordingly. Middle market companies are the engine of job growth to every economy in the world, and they need access to better financing and cash flow. Today, these companies represent a significant portion of our client growth.
Growth is a Possibility Because of Our VALUES and TEAM
I can’t write about growth without mentioning our VALUES (Performance, Respect, Innovation, Diversity, Excellence and Integrity), which lie at the heart of our business. Each of these VALUES are incredibly influential on how we collaborate with our customers and partners, connect with our industry and communities, and operate as a TEAM (which is so important that we always emphasize the word in all caps). As employees and as a company, we define our commitments and consistently exceed customers’ expectations in fulfilling them—and our VALUES are factored into every decision each TEAM member makes. After all, businesses don’t make decisions – people do.
As we continue to invest in our solutions and technology, we understand the importance of instilling these values into our TEAM as it grows – and it’s certainly growing! Over the next five years, we’re looking to grow our team to 1,000 employees. We’re actively looking to fill roles in customer experience, product development, sales and other areas. Check out our Careers page for more details.
As I mentioned earlier, I believe this period of record growth is just beginning. It’s an exciting time to be in this business, particularly with the TEAM we have in place and the culture we’ve created. It’s even more inspiring to see how our customers are growing their own businesses through improved cash flow. In the second half of 2019, we look forward to maintaining our position as the leader in non-bank supply chain finance by staying focused on our VALUES and our customers.