Whatever Happened to Aldermore's Invoice Finance?

Aldermore sold its Working Capital Finance division to Bibby Financial Services in 2023, migrating existing invoice finance customers to Bibby's platform. But the story does not end there. Aldermore subsequently launched a new receivables finance product and received Growth Guarantee Scheme accreditation in August 2025 - meaning it is technically back in the invoice finance market, but with a different product, different team, and different approach.

The Sale to Bibby (2023)

Aldermore's original Working Capital Finance division provided invoice discounting and factoring to UK SMEs. In 2023, Aldermore decided to exit this business line and sold the entire WCF portfolio to Bibby Financial Services. Existing customers were migrated to Bibby's systems and continued under Bibby's management.

The sale made strategic sense for both parties. Aldermore wanted to focus on its core deposit-taking and asset finance businesses. Bibby, as the UK's largest independent invoice finance provider, gained a ready-made book of established SME customers and the experienced staff who managed those relationships.

For customers, the transition meant new systems, new contacts, and in some cases revised terms. Most were migrated smoothly, but the change was disruptive for businesses that had built relationships with Aldermore's working capital team over several years.

The Re-Entry (2025)

In a move that surprised the market, Aldermore launched a new receivables finance product and received Growth Guarantee Scheme accreditation in August 2025. This new product is not simply a revival of the old WCF division - it is a separate offering built from scratch, targeting mid-market SMEs with higher turnover thresholds than the previous product served.

The Growth Guarantee Scheme accreditation means Aldermore can offer government-backed invoice finance facilities, with the scheme providing a 70% guarantee to the lender on qualifying facilities up to £2 million. This reduces Aldermore's risk on each facility and allows it to lend to businesses it might otherwise decline.

Aldermore is owned by FirstRand, the South African banking group, which provides the balance sheet backing for the new product. The re-entry suggests FirstRand sees strategic value in the UK receivables finance market despite the previous exit.

What This Means for Customers

• Former Aldermore WCF customers - you are now with Bibby. Your facility transferred in 2023
• New enquiries - Aldermore is accepting new receivables finance applications under its 2025 product
• GGS eligibility - the new Aldermore product qualifies for the Growth Guarantee Scheme, which may benefit businesses that need the government-backed element
• Different product - do not assume the new Aldermore offering matches the old one. Terms, criteria, and pricing will differ

Why This Matters

The Aldermore situation is a good example of why businesses need to pay attention to ownership changes in invoice finance. When a provider sells or restructures its invoice finance division, the impact on customers can be significant - different systems, different relationship managers, different credit appetite, and sometimes different terms.

The fact that Aldermore re-entered the market does not mean continuity. The 2025 product is a fresh start with new underwriting criteria, a new team, and new systems. Businesses that had facilities with the old Aldermore WCF division and were migrated to Bibby cannot simply move back - they would need to apply as new customers under completely different terms.

If you are confused about whether Aldermore or Bibby is the right fit, our comparison tool lets you compare both alongside 83 other UK invoice finance providers.