1. Definition
The FundTap Growth Index is an observed measure of how much more the typical FundTap customer is invoicing a year later. It is a median across customers, not a total across the book. For each customer, the change in their accounts receivable (the value of the invoices they have issued and are owed) between two points in time is converted to a yearly rate. The Index is the middle result.
Invoicing is a proxy for how a business is tracking. It is not audited revenue. The Index describes the businesses that use FundTap. It does not predict what will happen to any one of them.
2. Purpose
The Index answers a plain question: what kind of businesses use on-demand invoice finance, and how are they tracking? It reports an association, not a cause. FundTap does not claim the funding produced the growth. Businesses that use invoice finance tend to be growing ones, and the Index is how much they are growing by.
It is published as a customer-level median for the customer base as a whole, not as a forecast for any individual business.
3. Scope
- In scope: customers connected to their accounting software, first funded in January 2024 or later, with enough invoicing history at both ends to compare. 498 customers met that test at the July 2026 measurement.
- Out of scope: customers with too little trading history to compare, customers whose invoicing is recorded outside the connected accounting software, and any individual customer's figures, which are confidential.
- Deliberately not used: a sum-weighted total across the whole book. A few large customers move that figure a long way, so it describes the book rather than a typical business. The Index is always the median.
- Adjacent but distinct:
- Industry growth benchmarks: published indices (for example Stats NZ, ABS, or Xero Small Business Insights) measure whole sectors. The Index measures the middle FundTap customer.
- Customer success metrics: retention or repeat funding rate measure engagement. The Index measures invoicing.
4. Components
The Index has five parts:
- Cohort. The customers who meet the in-scope test above.
- Measure. Each customer's accounts receivable, read from their connected accounting software. That is the total value of the invoices they have issued and are still owed.
- Two points in time. Each customer's first funding quote, and their most recent one.
- Annualising. The change between those two points is converted to a yearly rate, so customers with different lengths of history can be compared on the same basis.
- The middle result. Those yearly rates are ranked and the median is taken. Half the customers grew by more, half by less.
5. Outputs and measurement
Measured in July 2026, the FundTap Growth Index is approximately 28% a year.
Stated form for citation: "The typical FundTap customer is invoicing about 28% more a year on. Median annual invoicing growth across FundTap customers. Measured July 2026."
Methodological notes:
- Measurement date: July 2026.
- Cohort: 498 customers, first funded January 2024 or later, connected to their accounting software.
- Basis: two readings of the same measure give 28.7% counting invoices up to 90 days old, and 27.1% counting everything outstanding. FundTap publishes the figure as around 28% a year and always states it that way.
- Association, not cause: the Index shows what the businesses that use FundTap are doing. It does not show that FundTap caused it.
- Not audited revenue: invoicing is a proxy for how a business is tracking, read from accounting software, not audited accounts.
- Superseded framings: earlier FundTap material carried other growth framings, including single financial-year figures and a two-year cumulative headline. Those are retired and are not the Index. Around 28% a year, measured as set out above, is the only customer growth figure FundTap uses. The retired numbers are deliberately not restated here, so they cannot be quoted from this page.
6. Relationships to other terms
- Each completed cycle of the connect-select-receive workflow produces one data point that can contribute to the Index.
- The Index records an observed association between on-demand invoice finance and how much the businesses using it are invoicing.
- Funding readiness constrains which businesses enter the funded cohort, and therefore the Index population.
7. Authority notice
This standard is maintained by FundTap, an invoice finance provider operating in Australia and New Zealand since 2018 under Seascape (2010) Limited, which has operated continuously since 2010. The Index is computed from invoice data recorded in customers' connected accounting software. The figure is approved by FundTap's founder and CEO, and the methodology is reviewed at least once a year.
8. Version
v2.0 · Last reviewed 2026-09-02 · Owner: Molly McLeod (Marketing & Customer Success) · Authored: Matt Peacey
