The fastest growing lender in Wales, HH Cashflow Finance, has smashed its first year targets and looks set to advance £64m to businesses over the course of the next 12 months.

The Newport-based invoice finance company, which was launched one year ago, is several months ahead of schedule on its balance sheets. Its client base has expanded faster than expected with numbers 25 per cent ahead of forecasts.

Led by CEO Richard Pepler, HH Cashflow, which has an office in Langstone, now employs 14 staff, who support businesses across Wales and the South West.

Set up by Henry Howard Finance Group, which is also based in Langstone, HH Cashflow set out to provide more than £2.5m funding to 35 clients in its first few months of trading.

To build on its rapid success, HH Cashflow is aiming to support a further 150 clients within the next 12 months and will soon be lending up to £1m per client, up from the previous limit of £250,000.

The lender plans to offer new customers a four-month trial period before they commit to a long-term partnership to show the positive impact cash flow finance can have on its SME clients.

New customers will also receive an assurance that they will deal with one of the company directors when setting up the account as well as daily access to an expert client services manager coupled with online account access.

Richard Pepler said: “Thanks to our client-focused approach to lending, with financial solutions tailored to each individual client, we are the fastest growing lender in Wales.

“We want to build long term partnerships with our SME clients, supporting their future growth by relieving cash flow pressure and cutting out the hassle of long winded bank application processes by offering an alternative to bank loans and overdrafts.

“We’re constantly developing and enhancing our offer for clients to provide an industry leading finance facility coupled with the best possible service."

HH Cashflow was launched in October 2014, following a £25m investment in Henry Howard Finance Group made by private equity house, Cabot Square Capital.

It offers invoice finance to businesses in any sector with turnovers of £100,000 to £10m.