MarketInvoice and Funding Circle toast “record-breaking” lending
Lending is up more than 50% on the previous quarter for MarketInvoice, whilst Funding Circle appoints new CFO on the back of six months of lending growth
Two Young Gun-founded lending platforms, MarketInvoice and Funding Circle, have announced record-breaking periods of lending to small businesses this week.
MarketInvoice, the invoice finance platform founded by Charles Delingpole and Anil Stocker, funded £161.9m worth of invoices in the second quarter of 2017, beating its first quarter performance and a 57.2% increase on the £103m lent in the equivalent quarter last year.
This equated to around £5,196 being funded every minute and takes it cumulative lending to more than £1.3bn. June was the single biggest month, with a total of £64.2m worth of invoices funded.
Funding Circle – founded by Samir Desai, James Meekings and Andrew Mullinger – also broke its own records, with £800m lent to over 8,000 businesses across the UK, Germany and the Netherlands in the first half of 2017. It has now supplied over £3bn to 32,000 companies around the world since launch in 2010.
On the back of this, the company has appointed a new chief financial officer (CFO) in the form of Sean Glithero – former CFO of automotive marketplace Auto Trader.
Both MarketInvoice and Funding Circle recently featured near the top in our list of the biggest funding rounds of the last 18 months; the former thanks to a £45m investment in May and the latter as a result of raising two major funding rounds with a combined total of £120m at the beginning of the year.
Stocker commented: “This is a positive achievement for the business and is testament to our customer focused approach and our team members who work hard to create the best experience for businesses and investors using our platform.”
On his appointment, Glithero said: “Over the last seven years, Funding Circle has cemented its place as the leading platform for small business loans globally. Similar to Auto Trader, their business model is digital and data-led and they have a collaborative culture for delivering the best results for their employees, customers and investors.
“I am looking forward to joining the team and supporting the business as it continues to build on its market-leading position.”