Record funding to UK businesses marks successful Q1 at MarketInvoice
MarketInvoice, the world’s largest peer-to-peer online invoice finance marketplace, has its best quarter and record month (March) of invoice finance funding since starting in 2011. Invoices worth £54.7m were funded from UK businesses last month, providing them with critical working capital. Q1 2017 has proved to be a record period for MarketInvoice as it scales towards its goal of providing funding against £2b of invoices. The value of invoices funded is up 160% from £81.1m (Q1 2016) to £129.6m (Q1 2017), and the current cumulative value of invoices funded stands at £1.2b.
MarketInvoice Pro, a confidential invoice discounting facility, was launched in February 2017 and, has in large part, driven the growth. The facility, which offers businesses an open funding line against their outstanding invoices, was the first new service launch by MarketInvoice since it was established in 2011.
Anil Stocker, CEO and co-founder of MarketInvoice commented: “Our tech advantage using innovative AI and Machine Learning capabilities means we are able to sync information faster and our analysts are able to make better, more qualified decisions quicker for businesses. This achievement mirrors industry trends where asset-based finance is increasingly taking market share from traditional forms of working capital options. Businesses are looking beyond their obvious ‘go-to’ options and realising they can use invoice finance in an effective and meaningful manner.”
“We’ve seen a healthy take-up of MarketInvoice Pro, our first working capital solution for businesses wishing to finance all of their invoices. This gives businesses across the country the means to address priorities such as hiring more staff, launching new products and paying their suppliers.”
MarketInvoice’s main strategic ambition is to broaden its reach to be able to support a wider range of businesses, from start-ups to larger businesses looking to scale up. The company aims to help even more companies get paid faster by financing their invoices, so business owners can save time and focus on running their business.
About MarketInvoice
MarketInvoice is the world’s largest peer-to-peer invoice finance platform. Launched in 2011 and based in London and Manchester, MarketInvoice has funded against £1.2 billion worth of invoices to thousands of UK businesses (as of 31st March 2017). It helps businesses overcome the lengthy payment terms of their customers and has funded over 70,000 invoices. Businesses can choose between having an open funding line against their outstanding invoices (MarketInvoice Pro) or decide which invoices (Select) they want to finance, unlock tied-up cash in 24 hours at competitive rates. It’s fast, flexible funding for growing businesses to hire more staff, launch new products and pay their suppliers.
In 2013, the UK government via the British Business Bank, began lending to businesses through MarketInvoice. This partnership has now seen more than £100m provided to small businesses in the UK.
MarketInvoice is a member of the Peer-to-Peer Finance Association and is backed by private equity group MCI Capital (also invested in iZettle, Azimo, Gett, and Auctionata) and leading European venture capital fund Northzone (invested in Spotify, Trustpilot, and SpaceApe).
