Peer-to-peer lender MarketInvoice closes £7.2m in funding
Business founded by Startups Awards-winning entrepreneur Anil Stocker to invest in product development and marketing to promote services
Startups 100-featured MarketInvoice, the peer-to-peer (P2P) lender founded by Ilya Kondrashov and Young Guns Anil Stocker and Charles Delingpole (who has since exited), has raised £7.2m in finance from MCI. TechVentures.
Launched in 2011, Startups Awards-winning company MarketInvoice allows businesses to choose which invoices they want to finance, in order to unlock money to improve their cash flow and grow their business.
The London-based firm claims to have already provided £850m worth of funding to UK businesses at a rate of £1.5m a day. It expects to hit £1bn by the end of next year.
After securing £6m investment last year, the funding will enable MarketInvoice to target a wider range of businesses, from start-ups to mid-range corporates, accelerate marketing and invest in product development.
The company has also made two new senior hires, Lisa Gervis, formerly at Elevate Credit and American Express, has joined as chief marketing officer, with Rupert Thorp, formerly of Experian and Sky IQ, joining as director of sales.
Stocker commented: “In the wake of Brexit, we think the coming months present a big opportunity for [us].
“Recent intervention by the Bank of England suggests we might see significant reductions in bank lending. […] In every period of turmoil there exists huge opportunity – we believe our model will mature through this cycle, and prove we are here to stay.”
Sylwester Janik, senior partner at MCI Capital, said:
“MarketInvoice is a prime example of a truly innovative business that’s redefining an age-old sector of traditional finance. They provide vital working capital to a continuously under-served segment of customers, where incumbents are reluctant to innovate.”
Find out more about MarketInvoice in our Startups Awards Hall of Fame.