Index · 2026 edition
The Buckingham Capital Consulting Invoice Finance and Factoring Index.
An independent annual ranking of the providers that businesses use to turn unpaid customer invoices into cash. 10 providers, six criteria, nothing paid for.
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An independent annual ranking of the providers that businesses use to turn unpaid customer invoices into cash. 10 providers, six criteria, nothing paid for.
Scores out of 100. Each segment weights the criteria differently; the method is below. Facts read on 26 October 2026 from the providers' own pages.
The mean of the 3 segment scores.
| Rank and provider | Score /100 | Status | Strongest for |
|---|---|---|---|
| 1. Defacto | 56 | Invoice financing platform | French firms wanting confidential single-invoice funding with no contract |
| 2. FundThrough | 53 | Invoice funding platform | US and Canadian suppliers wanting published fees and no obligation to fund every invoice |
| 3. Earlypay | 52 | Invoice finance provider | Australian firms, including start-ups, wanting a published rate range |
| 4. Ultimate Finance | 49 | Invoice finance provider | UK B2B suppliers wanting a high advance and a fast set-up |
| 5. Riviera Finance | 40 | Non-recourse factoring provider | US and Canadian small firms wanting the factor to carry the credit risk |
| 6. altLINE | 39 | Bank-owned factoring provider | US businesses wanting factoring from a bank with itemised fees |
| 7. KredX | 38 | Receivables exchange platform | Indian suppliers to large companies wanting competing bids from financiers |
| 8. Skipton Business Finance | 35 | Invoice finance provider | UK firms with sales up to £30m wanting confidential discounting |
| 9. eCapital | 34 | Invoice factoring and asset-based lender | Larger US, Canadian and UK firms needing big facilities and fast funding |
| 10. Fundbox | 24 | Small business credit platform | Small businesses in four countries wanting invoice funding next to other credit |
Weighted to pricing, advance and flexibility: a known cost, fast cash and no long contract.
| Rank and provider | Score /100 | Status | Strongest for |
|---|---|---|---|
| 1. FundThrough | 57 | Invoice funding platform | US and Canadian suppliers wanting published fees and no obligation to fund every invoice |
| 2. Earlypay | 54 | Invoice finance provider | Australian firms, including start-ups, wanting a published rate range |
| 3. Defacto | 53 | Invoice financing platform | French firms wanting confidential single-invoice funding with no contract |
| 4. Ultimate Finance | 51 | Invoice finance provider | UK B2B suppliers wanting a high advance and a fast set-up |
| 5. Riviera Finance | 43 | Non-recourse factoring provider | US and Canadian small firms wanting the factor to carry the credit risk |
| 6. altLINE | 40 | Bank-owned factoring provider | US businesses wanting factoring from a bank with itemised fees |
| 7. Skipton Business Finance | 34 | Invoice finance provider | UK firms with sales up to £30m wanting confidential discounting |
| 8. eCapital | 31 | Invoice factoring and asset-based lender | Larger US, Canadian and UK firms needing big facilities and fast funding |
| 9. KredX | 30 | Receivables exchange platform | Indian suppliers to large companies wanting competing bids from financiers |
| 10. Fundbox | 16 | Small business credit platform | Small businesses in four countries wanting invoice funding next to other credit |
Weighted to product range and standing: discounting, confidential options and bad debt cover from an established provider.
| Rank and provider | Score /100 | Status | Strongest for |
|---|---|---|---|
| 1. Earlypay | 55 | Invoice finance provider | Australian firms, including start-ups, wanting a published rate range |
| 2. Ultimate Finance | 54 | Invoice finance provider | UK B2B suppliers wanting a high advance and a fast set-up |
| 3. Defacto | 54 | Invoice financing platform | French firms wanting confidential single-invoice funding with no contract |
| 4. FundThrough | 52 | Invoice funding platform | US and Canadian suppliers wanting published fees and no obligation to fund every invoice |
| 5. Riviera Finance | 42 | Non-recourse factoring provider | US and Canadian small firms wanting the factor to carry the credit risk |
| 6. Skipton Business Finance | 41 | Invoice finance provider | UK firms with sales up to £30m wanting confidential discounting |
| 7. KredX | 41 | Receivables exchange platform | Indian suppliers to large companies wanting competing bids from financiers |
| 8. altLINE | 39 | Bank-owned factoring provider | US businesses wanting factoring from a bank with itemised fees |
| 9. eCapital | 36 | Invoice factoring and asset-based lender | Larger US, Canadian and UK firms needing big facilities and fast funding |
| 10. Fundbox | 28 | Small business credit platform | Small businesses in four countries wanting invoice funding next to other credit |
Weighted to regulatory standing: regulated firms need a funder whose licence and security controls they can show to auditors.
| Rank and provider | Score /100 | Status | Strongest for |
|---|---|---|---|
| 1. Defacto | 60 | Invoice financing platform | French firms wanting confidential single-invoice funding with no contract |
| 2. FundThrough | 51 | Invoice funding platform | US and Canadian suppliers wanting published fees and no obligation to fund every invoice |
| 3. Earlypay | 46 | Invoice finance provider | Australian firms, including start-ups, wanting a published rate range |
| 4. Ultimate Finance | 43 | Invoice finance provider | UK B2B suppliers wanting a high advance and a fast set-up |
| 5. KredX | 43 | Receivables exchange platform | Indian suppliers to large companies wanting competing bids from financiers |
| 6. altLINE | 39 | Bank-owned factoring provider | US businesses wanting factoring from a bank with itemised fees |
| 7. eCapital | 34 | Invoice factoring and asset-based lender | Larger US, Canadian and UK firms needing big facilities and fast funding |
| 8. Riviera Finance | 34 | Non-recourse factoring provider | US and Canadian small firms wanting the factor to carry the credit risk |
| 9. Skipton Business Finance | 31 | Invoice finance provider | UK firms with sales up to £30m wanting confidential discounting |
| 10. Fundbox | 28 | Small business credit platform | Small businesses in four countries wanting invoice funding next to other credit |
Each criterion is scored 0 to 5 against the best published offer in this edition. 0 means not offered or not published.
| Provider | Product range | Published pricing | Advance and speed | Published eligibility | Contract flexibility | Regulatory standing |
|---|---|---|---|---|---|---|
| Defacto | 2 | 0 | 3 | 3 | 5 | 4 |
| FundThrough | 2 | 4 | 3 | 3 | 2 | 2 |
| Earlypay | 3 | 3 | 4 | 5 | 0 | 1 |
| Ultimate Finance | 4 | 0 | 5 | 5 | 2 | 0 |
| Riviera Finance | 2 | 0 | 5 | 5 | 1 | 0 |
| altLINE | 2 | 4 | 3 | 0 | 0 | 2 |
| KredX | 2 | 0 | 3 | 2 | 0 | 4 |
| Skipton Business Finance | 4 | 0 | 5 | 2 | 0 | 0 |
| eCapital | 2 | 1 | 3 | 2 | 0 | 2 |
| Fundbox | 2 | 0 | 0 | 2 | 0 | 3 |
6 criteria, scored only from what each provider publishes.
Whether the provider publishes all five options: factoring (the provider buys the invoices and collects payment), invoice discounting (the business borrows against invoices and collects payment itself), single-invoice finance, a confidential option where customers are not told, and bad debt protection (cover if a customer does not pay).
Fee rates for the main product on a pricing or terms page. "From", "starting at" and open-ended ranges do not count.
The advance rate (the share of each invoice paid upfront), the time to set up a facility and the time to receive money after an invoice is submitted.
The facility size or turnover range, the countries served, and which invoices or sectors qualify.
Whether the provider states no minimum contract term, no minimum volume or obligation to fund every invoice, and no personal guarantee (a promise by the owner to repay from personal assets).
A regulator, licence or regulated bank named with its register number, and a security certification such as ISO 27001 or SOC 2 Type II.
| Criterion | Small B2B suppliers | Mid-sized firms | Payment and fintech firms |
|---|---|---|---|
| Product range | 10 | 25 | 15 |
| Published pricing | 25 | 15 | 15 |
| Advance and speed | 20 | 15 | 15 |
| Published eligibility | 15 | 15 | 10 |
| Contract flexibility | 20 | 10 | 15 |
| Regulatory standing | 10 | 20 | 30 |
| Criterion | 5 | 3 | 0 |
|---|---|---|---|
| Product range | Factoring, invoice discounting, single-invoice finance, a confidential option and bad debt protection all published | Three of the five published | Not published |
| Published pricing | Exact fee rates for the main product on a pricing or terms page | A bounded fee or interest range published | Not published, or "from" prices only |
| Advance and speed | Advance rate, set-up time and time to funds all published | Two of the three published | Not published |
| Published eligibility | Facility size or turnover range, countries and invoice or sector rules all published | Two of the three published | Not published |
| Contract flexibility | No minimum term, no minimum volume and no personal guarantee all stated | Two of the three stated | Not published |
| Regulatory standing | Regulator or licence with register number and a named security certification | One of the two published | Not published |
Score out of 100 is the sum of each criterion score divided by five and multiplied by its weight. The overall ranking is the mean of the segment scores. Ties are broken by published pricing, then advance and speed. A provider that does not publish a price is scored as though the price were high, because a business cannot plan on an unpublished price. Prices are scored on the standard published rate, never an introductory, promotional or "from" rate, and a figure counts only when it appears on a pricing, fee or terms page rather than in a marketing line. A provider that serves one country only is scored on access for that country, and the limitation is printed in its profile.
What each provider publishes, criterion by criterion, with the date read and the source.
A French financing company authorised by the ACPR, the French banking supervisor, that advances single invoices with no framework contract, no personal guarantee and no customer notification. It holds ISO 27001:2022 and publishes eligible countries and invoice rules. It publishes no fee rate or advance percentage.
| Product | Accounts receivable financing: "Select the invoice you want to advance"; clients are not notified and pay "to your regular bank account". |
| Pricing | "Daily pro-rata pricing, automatically calculated based on duration and profile"; "No arrangement fee, no early repayment penalty"; rate "displayed before you confirm". |
| Speed | Eligibility analysis in "27 seconds"; "99.11% of transfers are instant"; repayment "Between 3 and 120 days" (FAQ: up to 6 months). |
| Eligibility | Company based in France; invoices in euros; customer receivables financed in France, Spain, Germany, Belgium or the Netherlands; "Invoices issued to B2B clients, validated and not yet due." |
| Flexibility | "No framework contract, no global portfolio assignment"; personal guarantee: "No. Defacto assesses eligibility based on your accounting and banking data." |
| Regulatory standing | "Defacto is a financing company licensed by the ACPR"; ISO 27001:2022 issued by Accorp Partners Cert Inc.; hosted on AWS. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.getdefacto.com, www.getdefacto.com, help.getdefacto.com.
A North American invoice funding platform offering single-invoice financing and factoring with no obligation to advance invoices. It publishes a fee range per 30 days on a pricing page, an advance of up to 100% and next-day payment. It does not publish set-up time, contract length, a licence number or a security certification.
| Products | "Express Invoice Financing and Velocity Invoice Factoring"; "You can fund invoices of any size". |
| Pricing | Up to $999,999 outstanding: "1.9%-2.9% per 30 days", based on company and customer eligibility; above $1,000,000 by custom quote; flat fee, not interest. |
| Advance and speed | Advance rate "up to 100%", less the fee; "Once approved, you get next-day payment to your linked bank account." |
| Eligibility | "Invoices must be less than 90 days old"; issued to "creditworthy business or government customers"; no construction or real estate work. |
| Flexibility | Opening and keeping an account "doesn't cost a thing"; you are "never obligated to advance invoices". |
| Regulatory standing | "FundThrough USA Inc. loans are made or arranged pursuant to a California Finance Lenders Law license." Security page: partners hold unnamed certifications; "256-bit encryption". |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.fundthrough.com, www.fundthrough.com, www.fundthrough.com.
An Australian provider of invoice factoring and invoice discounting with an optional debtor protection add-on. It publishes a yearly interest rate range, a facility range, funding within 24 hours and invoice rules. Its advance and minimum facility figures conflict between parts of the page, and it publishes no contract terms or licence.
| Products | Invoice Factoring and Invoice Discounting, with an optional Debtor Protection add-on; also Equipment, Trade and Payroll Finance. |
| Pricing | "interest rate charged on Invoice Financing balances ranges between 7.99% and 13.95% per annum"; drawdown or administration fees may apply, amounts not listed. |
| Advance and speed | "up to 85% of your outstanding invoice value" (FAQ: 80%, sometimes 90%); response "within 24 hours" with Xero or MYOB AccountRight; funds within 24 hours of approval. |
| Eligibility | "Lines of credit of $100K - $10 million" (FAQ: "from $50k"); ABN or ACN and invoices to other Australian businesses; invoices not funded "more than 90 days past the issue date". |
| Security | "the primary security is the invoices themselves"; no real estate security required. |
| Regulatory standing | AFIA member logo in the footer; no licence or security certification stated. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: earlypay.com.au.
A UK invoice finance provider offering factoring and invoice discounting with confidential and debtor protection options and an optional cash flow loan. It publishes a 95% advance, a one-week set-up, funding within 24 hours and a £10m maximum. It publishes no fee rates and no regulatory statement on the pages read.
| Products | Factoring and invoice discounting, with confidentiality, collection services and "Debtor Protection" options; "Option to include Cashflow Loan up to £500k (up to 5 year term)". |
| Pricing | "an ongoing service fee" for ledger management and "a discount fee" for cash advanced; no rates published. |
| Advance and speed | "Up to 95% of your unpaid invoice value"; set-up "within one week"; funding "within 24 hours of receiving invoices". |
| Eligibility | "Any UK-registered businesses selling to another on credit", including limited companies, sole traders and partnerships; "Up to £10m funding". |
| Contract terms | "Unlimited rolling contract that grows with your business"; "assignment of invoices supported by debenture" (a legal charge over the business's assets). |
| Regulatory standing | Site operated by Ultimate Finance Group Limited, company number 04350565; no FCA statement or security certification on the pages read. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: ultimatefinance.co.uk, ultimatefinance.co.uk, ultimatefinance.co.uk, ultimatefinance.co.uk.
A US and Canadian factoring provider of more than 50 years offering non-recourse factoring, in which it absorbs the loss if a customer cannot pay. It publishes a 95% advance, 24 hour funding and eligibility up to $2m monthly sales. It publishes no fee rates or licences, and its contract wording is inconsistent.
| Products | Full-service factoring with "Finance, Credit Services, and Receivables Management"; non-recourse: "If we factor an invoice and the customer can't pay, we absorb the loss." |
| Pricing | "Fees are calculated as a percent of invoice, at a pre-determined rate"; "Riviera requires no start-up fees"; no rates published. |
| Advance and speed | "Riviera will transfer up to 95% of your invoice face value"; funds verified invoices "within 24 hours of receipt"; full client funding typically four to seven working days. |
| Eligibility | "Riviera serves companies from start-up to $2 Million in monthly sales"; US and Canada; invoices generally on 30 to 60 day terms. |
| Contract terms | "Our standard term is six months"; elsewhere "no long-term contracts"; "Riviera requires a first position on all accounts receivable". |
| Regulatory standing | "more than 50 years"; "25+ locations"; no licence or security certification stated. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.rivierafinance.com, www.rivierafinance.com.
A US factoring provider that describes itself as a bank and an FDIC-regulated lender, trading with The Southern Bank Company. It publishes an initial fee range, an 80% to 90% advance and an itemised list of the fees it does and does not charge. It does not publish eligibility rules, contract length or recourse terms.
| Products | Invoice Factoring, Freight Factoring and Accounts Receivable Financing. |
| Pricing | Initial factoring fee 0.5% to 3.0%; ACH from $0; wire "$15 - $30 per wire transfer"; origination "typically" $150 to $500; no monthly access, credit approval, renewal or same-day funding fees. |
| Advance and speed | "Advance Rate: 80% - 90%"; "Same-Day Funding" advertised; "altLINE does not include float days in our contracts." |
| Eligibility | "No Minimum Credit Score to Qualify"; no volume, country or sector rules published. |
| Contract terms | Contract length and recourse type not stated on the pages read. |
| Regulatory standing | "Unlike other factoring companies, altLINE is a bank"; "FDIC-Regulated Lender"; footer "altLINE | The Southern Bank Company". No security certification stated. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: altline.sobanco.com, altline.sobanco.com, altline.sobanco.com.
An Indian platform where financiers bid to buy suppliers' invoices, licensed by the Reserve Bank of India as a TReDS platform (an exchange for discounting invoices owed by larger buyers to smaller suppliers) and by IFSCA for cross-border trade. It holds ISO 27001. It publishes no fees or eligibility thresholds, and suppliers remain liable if the buyer does not pay.
| Products | Domestic Factoring (Factoring, Reverse Factoring, Dynamic Discounting) and Import-Export Factoring (Import Financing, Export Financing), plus receivables and payments automation tools. |
| Pricing | "Zero Collateral, Best Rates"; financiers "bidding to offer the best rates"; no fees published. |
| Advance and speed | "around 80% of their invoice value in just 2-3 days". |
| Eligibility | Invoices must be "raised on blue chip companies"; "Eligibility and amount of discounting is governed by the creditworthiness of the business." |
| Recourse | "The borrowers are obliged legally to pay back the amount owed to the investors"; "KredX is a tech platform and it does not assume any credit risk on behalf of the investors." |
| Regulatory standing | "RBI-licensed TReDS platform"; "IFSCA-licensed ITFS platform"; "ISO 27001:2013 certified". |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.kredx.com, www.kredx.com.
A UK invoice finance provider, part of Skipton Group, offering invoice discounting and factoring with confidential, disclosed and recourse versions, bad debt protection and asset based lending. It publishes a 90% advance, same-day access and set-up within 10 working days. It publishes no fees, contract terms or regulatory status on the pages read.
| Products | Invoice Discounting with a Confidential option; Invoice Factoring (CHOCS, Confidential, Disclosed and Recourse); Asset Based Lending; LedgerLite; Skipton Select; Bad Debt Protection; Growth Guarantee Scheme. |
| Pricing | Remaining balance paid "less an agreed fee"; no fee figures published. |
| Advance and speed | "up to 90% of the value of each invoice"; access "the day you raise it"; "you could have a facility in place with us inside 10 working days!" |
| Eligibility | Funds businesses with "sales of up to £30 million per annum"; an extensive credit history is not required. |
| Contract terms | Contract length, notice period and personal guarantee not stated on the pages read. |
| Regulatory standing | "Registered in England - Number 04171724"; "Part of Skipton Group"; no FCA statement or security certification on the pages read. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.skiptonbusinessfinance.co.uk, www.skiptonbusinessfinance.co.uk.
A North American and UK receivables finance provider offering factoring, sales ledger financing, reverse factoring, payroll funding and asset-based lending. It publishes an advance of up to 100% and funding within 24 to 48 hours. Its fee range is open-ended, and it publishes no contract terms, licence number or security certification.
| Products | Freight Factoring, Invoice Factoring, Sales Ledger Financing, Reverse Factoring and Payroll Funding; also Asset-based Lending, A/R Financing, Supply Chain Finance and Inventory Financing. |
| Pricing | Fees "can range from 1% to 5% or more", depending on customer creditworthiness, invoice volume and time until payment. |
| Advance and speed | "The advance can be as high as 100% of the invoice amount"; advances "usually within 24 to 48 hours"; "1 HR and weekend funding available" in the app. |
| Eligibility | "Factoring services are a financial solution for businesses who trade with other businesses"; country selector lists United States, Canada and United Kingdom. |
| Facility size | Customised facilities, referencing "a $5 million or $150 million facility"; no minimum or maximum stated. |
| Regulatory standing | "All California loans made or arranged pursuant to a California Finance Lenders Law License"; no security certification stated. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: ecapital.com.
A US credit platform whose invoice financing lets businesses draw against open invoices up to a credit limit and choose repayment terms per invoice, alongside lines of credit and loans. It names its lending banks and a California licence number. It publishes no fees, advance rate, funding time or contract terms on the pages read.
| Product | Invoice Financing: customers draw against eligible open invoices up to their credit limit, with repayment terms chosen per invoice. |
| Other products | Line of Credit, Term Loan, Revenue Based Financing, Purchase Financing and an SMB Card. |
| Countries | "Fundbox is available in the United States, Canada, the United Kingdom and Australia." |
| Lenders | "business loans and lines of credit originated by First Electronic Bank or Lead Bank." |
| Licence | "California Financing Law license 60DBO-48774". |
| Pricing and advance | Not published on the pages read. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: fundbox.com, fundbox.com.
The index is paid for by nobody.
No provider pays to be assessed, listed or ranked, and there are no sponsored places. Providers do not apply: BCC selects the providers a business is likely to consider and scores them from their own pages. Any provider may ask to be assessed; the request changes nothing about the score.
Every figure is read from the provider's own pricing, product, legal or help page on the date shown. Providers may send corrections to [email protected]; a correction changes the page only where the provider's own page supports it. Every provider is re-read monthly and a new edition is published each October.
Brokers and comparison sites that place invoice finance with other funders, including Capitalise and Funding Invoice, are left out because they do not fund invoices themselves. Supply chain finance programmes that banks run for large buyers, and buy now pay later checkouts for business purchases, are not assessed. Bibby Financial Services and Kriya are assessed in the Buckingham Capital Consulting Global Trade Finance Index. Close Brothers Invoice Finance and MarketFinance are not assessed in this edition because their own invoice finance pages could not be read.
Ranked providers may show the index badge on their own site.
The badge is free. The one condition is that it links to this page, so that a reader can check the score and the method behind it. It is withdrawn if the link is removed or the provider leaves the index.
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Nobody. No provider pays to be assessed, listed or ranked.
With factoring, the provider buys the invoices, chases the customers and collects payment, so customers know a funder is involved. With invoice discounting, the business borrows against its invoices and keeps collecting payment itself, often without customers knowing.
Non-recourse means the provider carries the loss if a customer cannot pay. With recourse finance, the business must repay the advance itself if the customer does not pay. Bad debt protection is cover that turns some of that risk back to the provider.
A "from" price or a range such as "1% to 5% or more" does not tell a business what it will pay. Only a published rate or a range with a stated top counts.
Every provider is re-read monthly and a new edition is published every October.
No. The index compares published facts and is not a recommendation to use a particular provider.
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