Atlanta – PrimeRevenue, Inc., the leading provider of working capital financial technology solutions, advised clients in 2018 on opportunities totaling $18 billion in working capital improvement.
Also during 2018, PrimeRevenue supported suppliers through $103.7 billion in early payments, providing payments to suppliers an average of 80 days early. This substantial improvement in working capital across the supply chain comes as PrimeRevenue successfully grew existing customers with a net retention rate of 116 percent, achieving a world class metric.
“I’m extremely proud of the growth and customer retention PrimeRevenue has earned over the last several years,” said PJ Bain, CEO, PrimeRevenue. “It directly correlates to the value we are continuously delivering to our customers. They continually and intentionally choose to partner with PrimeRevenue to strategically support their working capital initiatives with supply chain finance.”
PrimeRevenue has also doubled down on its commitment to help mid-market companies with more than 50 percent of new customers signed in 2018 falling into the category. The company also added 16 new funders to the PrimeRevenue Funder Network in 2018, bringing the total amount of funders on its platform to more than 80. Today, this network now includes approximately 24 regional and community banks that are eager to fund and grow supply chain finance programs with mid-market businesses.
“One year ago, I wrote a blog post on how it’s time to expand the power of supply chain finance to the mid-market,” noted Mr. Bain. “Mid-sized companies have historically been underserved by supply chain finance providers and funding growth has sometimes been a challenge for these businesses. If mid-market companies want to make a strategic acquisition or invest in innovation, it typically requires taking on large sums of debt that can adversely impact their financial position.”
In 2019, PrimeRevenue will continue to expand its presence and deliver cash flow improvements that will help both mid-market and enterprise companies reach and exceed their growth objectives.