Manchester-based invoice finance firm Secure Trust Bank Commercial Finance said on Thursday it has increased its lending balances by 54% with £194.7 million invested in businesses across the country over the course of the 2018 financial year.

Across the North of England, Secure Trust Bank Commercial Finance provided £60 million to business in the North West, North East, Yorkshire and Scotland in 2018.

Last year, the alternative finance provider announced it had funded more than £2 billion of client invoices since its inception in 2014.

The firm revealed in its annual financial report that the figure now stands at nearly £3 billion.

Secure Trust Bank Commercial Finance is now the fifth largest independent operator in the invoice finance market.

Listed on the London Stock Exchange since 2011 and added to the main market in 2016, the wider Secure Trust Bank Group has also seen strong growth.

Pre-tax profits rose to £34.7 million in the last 12 months – an increase of 39% on 2017 figures.

John Gribbon, regional 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.”