The second highest growth region, relating to a rise in funding, is the North East with a 62% rise in SMEs sourcing fast and flexible finance. Such funding is often used to help with cash flow management, the purchasing of extra stock or equipment, and the renovation of premises.

Completing the top five growth regions are Wales and the South West tied on a 53% increase in SMEs opting for revenue-based finance, with the West Midlands coming in fifth place with 51%.

In comparison, the uplift in SME funding across London and the South East is at 40% over the last 12 months.

Andrew Raphaely, managing director at 365 finance, said: “Our latest regional data shows a significant increase in the number of SMEs in Scotland and the North East opting for funding from us.

“This really demonstrates our reach in terms of business customers across the UK; despite us being a London-based fintech we have partnerships and customer relationship teams throughout the country.

“SMEs in general now have a much greater awareness of what revenue-based finance is, and what all of the benefits are, including the fact that it’s only paid back when customers pay them. Flexible finance, and more importantly, responsible lending is ultimately what we stand for.”

UK-based SMEs can apply for £10,000 to £400,000 from 365 finance, having peace of mind that there are no fixed terms or hidden fees, with funding approval possible within 24 hours.