Oxygen Finance

Oxygen Finance Rounds Off Quarter With Six New Early Payment Clients

Oxygen Finance welcomed six local authorities to its growing list of early payment clients during the first quarter of 2023, bringing the total number of Early Payment public sector clients to 54.

Collectively these six local authorities represent almost £3bn of procurement spend, bringing the total spend across Oxygen’s early payment clients to more than £24bn per annum.

Faster supplier payment improves cash flow and boosts growth by injecting liquidity into local economies. Oxygen’s programmes also support their local authority clients through improved efficiency and savings that protect vital frontline services. The company now routinely enables early payment to over 13,000 suppliers, with the average time to pay just nine days.

The six newly signed local authorities are Cumberland Council, Derbyshire County Council, Leicestershire County Council, London Borough of Camden, Peterborough City Council and Westmorland and Furness Council.

Ben Jackson, Chief Executive Officer, Oxygen, said: “Supply chain disruption leads to reduced working capital for suppliers which, coupled with rising interest rates, makes Early Payment Programmes more relevant than ever. It’s fantastic to see more local authorities realising the benefits of early payment and delivering on their social value ambitions whilst achieving savings to protect services. We’re excited to be working in partnership with each of these new clients”.

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