Siemens Financial Services (SFS) UK has launched an invoice finance service, aimed at small to medium sized enterprises (SMEs) across most industries.

The UK is the second European country that Siemens Financial Services has launched invoice financing in, with a product line available in Germany.

"There are plans to roll out invoice finance in other countries," a SFS spokesperson told Leasing Life.

Ian Cole has been appointed as the head of UK invoice finance division. Prior to Siemens Cole worked for Santander, where he assisted in the start up of the invoice finance operation, working with companies requiring funding from £100k to £50m.

According to Cole’s LinkedIn, in the past he has worked as head of business development at RBS invoice finance.

Cole said: "More and more SMEs are realising that invoice finance provides a flexible solution to the late payment problem in comparison to a traditional loan or overdraft.

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"Feedback we have received so far shows that companies appreciate the combination of working with a trusted name like Siemens, whilst also receiving a highly personalised service.

"We have already built a diverse portfolio of clients since we launched in October 2015 and we are looking forward to an exciting chapter of helping more businesses achieve their growth aspirations."

EU Federation Factoring and Commercial Finance data showed that asset based finance, which includes invoice finance and asset based lending, supported businesses representing 15.1% of the UK’s economy in the year to 30th of June 2015.