P2P lender MarketInvoice hits £1bn invoices funded
Young Gun founded company also announces partnership with Leeds City Region Partnership to make £2m available to local businesses
MarketInvoice, the peer-to-peer (P2P) business lender founded by Young Guns Charles Delingpole and Anil Stocker, has now funded £1bn worth of invoices through its platform.
Launched in 2011, Startups 100-listed MarketInvoice helps small businesses ease their cashflow by selling outstanding invoices. Thousands of companies have used the service to draw down between £10,000 and £3m across 20,000 transactions.
Of the £1bn the lender has funded, half of that amount has been advanced in the past 14 months.
MarketInvoice has also revealed a new local authority partnership with Leeds City Region Enterprise Partnership (LEP), that will see £2m a year made available to small businesses in the region through the company’s platform.
Anil Stocker, CEO and co-founder of MarketInvoice, commented: “Our whole team is proud to be supporting the back-bone of the British economy – businesses doing great work in media, technology, design, construction, manufacturing, education, and many more. This milestone is testament to the success of businessmen and women across the country.”
Discussing the LEP partnership, Roger Marsh OBE, chair of the LEP, said:
“Maintaining cash-flow is vital to small and medium businesses. That is why the LEP is contributing to this platform, to help provide a solution for businesses facing a long wait for payment of their invoices. By quickly releasing finance that would otherwise be tied up in the short-term, business owners can keep up momentum with their activity and invest money back in the business where it is most needed.”