Peer-to-peer lender MarketInvoice clinches £45m
Startups 100 company signs agreement with Banco BNI Europa to provide £45m in annual funding to UK small businesses
MarketInvoice, the Startups 100-featured invoice finance marketplace, has signed an agreement with Banco BNI Europa to provide £45m in annual working capital for UK small businesses.
Launched in February 2012 by Young Guns Charles Delingpole and Anil Stocker, MarketInvoice is a peer-to-peer invoice finance platform allows businesses to access funding against their outstanding invoices.
To date, it has funded against 70,000 invoices worth more than £1.2bn and claims to support more than 18,700 jobs across the UK.
The deal follows a trial investment from BNI of £28.3m last year, with MarketInvoice now set to broaden its reach to help a wider range of businesses scale up.
In April, MarketInvoice announced that it had recorded its “best quarter ever”, having funded £129.6m worth of invoices in the first quarter of the year, including £54.7m in March alone.
In February, the company launched MarketInvoice Pro, a new confidential discounting service targeting businesses with permanent funding needs.
Stocker commented: “Institutions have played a significant role in our growth story and over the past two years have consistently funded almost 60% of the working capital provided to UK businesses via MarketInvoice.
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“This new commitment from BNI is further proof of our ability to provide finance to high growth businesses across the country, we’re excited by their support of our mission.”
Pedro Coelho, executive chairman of Banco BNI Europa, said:
“We are proactively working with fintech businesses globally that prescribe to our vision of providing low-cost, innovative products with exceptional customer service.
“MarketInvoice has consistently delivered these values over the years. The MarketInvoice Pro service is now a further means to build on our relationship as it provides a longer-term arrangement.”