Secure Trust Bank Commercial Finance has increased its lending balances by 54%, with a total of £194.7m invested in the 2018 financial year.

In 2018, the alternative finance provider announced it had funded more than £2bn of client invoices since its inception in 2014. The firm has revealed in its annual financial report that the figure now stands at nearly £3bn.

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Secure Trust Bank Commercial Finance is now the fifth largest independent operator in the invoice finance market. The division operates nationwide with dedicated regional sales directors and client managers on the ground in each of the UK regions.

Notable transactions over the 12-month period include Go Plant Fleet Services, which was backed by Secure Trust Bank Commercial Finance with a £13.5m facility. This is intended to aid the company’s national expansion with the working capital to invest in new depots and a new IT infrastructure that will underpin growth.

The firm also recently provided a £8m asset based lending facility to Antler, the historic luggage manufacturer. The funding is intended to be used to support new product development and strengthening its e-commerce channel as it looks to enhance its brand and market position.

Pre-tax profits on the wider Secure Trust Bank Group rose to £34.7m in the last 12 months, a year-on-year increase of 39%.

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John Bevan, managing director at Secure Trust Bank Commercial Finance, said: “Expanding our geographical reach has played a significant part in the exceptional growth we’ve achieved over the course of the year. It has enabled us to make connections with businesses and intermediaries in the local area, and the effort put into building our national footprint has certainly bore fruit.

“Our impressive performance is also down to the experience and expertise of our sales teams. We boast an impressive track record, having worked with some exciting and well-known brands across a multitude of sectors, and this strong reputation in the market has positioned us as a credible lender of choice.”