Santander UK has provided the Leeds-based IT consultancy business with a £1.5m invoice finance package.
The funding provides improved working capital to the business, supporting it through a period of rapid growth and enabling it to expand its portfolio of clients.
Iridium Consulting places IT and business transformation experts primarily into financial services companies, particularly credit card issuers, supporting them to deliver their IT programmes.
Established in 2018, the business is growing rapidly, with annual turnover increasing year-on-year, reaching £5.2m in 2020, and increasing to £18.5m in 2021.
It is targeting a 30 per cent increase in turnover this year to reach £24m by the end of 2022.
The expansion is being propelled by the technological demands within the financial services sector to enable them to stay competitive to consumers.
Iridium Consulting has a full-time staff of 15 as well as a network of 187 contractors. It plans to hire eight new staff this year. Its consultants’ expertise spans IT and business transformation, cyber security, credit card migration, operational resilience, Cloud migration, portfolio optimisation and resource solutions.
Matt Pickin, head of operations, said: “The working capital facility it (Santander) has provided us with gives huge comfort and enables us to focus on planning for our future growth.”