Increased working capital accelerates the expansion of an IT transformation company
Leeds-based IT and business transformation specialist Iridium Consulting is growing rapidly after securing funding from Santander UK.
The company has received a £1.5million invoice finance package. The financing provides improved working capital to the company, allowing it to expand its client portfolio.
Iridium Consulting provides a consulting service, placing IT and business transformation experts primarily in financial services companies, particularly credit card issuers, helping them deliver IT programs and solutions.
Established in 2018, the company’s turnover reached £5.2 million in 2020, rising to £18.5 million in 2021.
It is targeting a 30% increase in revenue this year to £24m by the end of 2022.
Iridium Consulting has 15 full-time employees and a network of 187 contractors. It plans to hire eight new employees this year.
Matt Pickin, Head of Operations, said: “We have done business with Santander UK since our inception, and they have been a partner who has supported us from the start. The ease of working capital it has given us gives us great comfort and allows us to focus on planning for our future growth.
Nick Sharpe, Relationship Manager at Santander UK, said: “We are delighted to provide the consultancy with this invoice financing package to support the next exciting chapter in its growth journey.
