Large-factor volumes rise 26.3% in H1 2026 as international factoring clients jump 34.1%

Factoring volumes among the largest respondents to the Secured Finance Network’s latest industry survey increased 26.3% year on year in the first half of 2026, while the number of international factoring clients across respondents jumped 34.1%.

SFNet defines large-volume factors as businesses reporting at least US$2.5bn of first-half factoring volume, or at least US$5bn annually. Within this group, US factoring volume increased 27% from H1 2025 and international volume rose 8.4%.

Among large factors participating on a comparable long-term basis, first-half volume increased from US$64.63bn to US$81.66bn.

Smaller factors also expanded, but with a different geographic pattern. Overall volume rose 6.1%, with 88% of respondents reporting an increase. US volume grew 2.8%, while international volume climbed 33.1%.

The growth is feeding through into deployed capital. Funds in use at large factors increased 5.3% from the second half of 2025 and 9.7% year on year. Smaller factors recorded a much sharper 31.7% half-on-half increase and a 30.7% annual rise.

Client numbers also recovered. Large factors reported 3.3% more clients and smaller factors 7.9% more than a year earlier. Across respondents, US client numbers edged up 0.9%, while international clients increased 34.1% to 2,484.

Credit performance remained comparatively stable despite that expansion. Write-offs represented just 0.11% of first-half factoring volume among comparable respondents.

Advance rates increased by 27.1 basis points to an average 86.1%, while average days sales outstanding fell 1.3 days to 44 days. Non-recourse structures represented 81.6% of factoring volume.
Industry confidence strengthened alongside the activity. SFNet’s combined Factoring Sentiment Score rose five points to 66, while its new-business demand index reached 73. Forty-six per cent of respondents expect demand to improve and none expect it to deteriorate.

The figures suggest that higher working-capital requirements are translating into both increased factoring turnover and greater capital deployment, rather than volume growth being driven solely by larger invoice values.