Member Article

MarketInvoice secures multi-million pound investment as it hits £500m landmark

MarketInvoice has reached a historic £500m of funding for small businesses, while securing a further £5m investment from the British Business Bank

The London-headquartered peer-to-peer business lender has facilitated over £500m in funding for high-growth UK businesses since its launch in 2011.

In a new deal lasting until 2018, MarketInvoice has secured an additional £5m investment from the UK-Government backed British Business Bank, taking its total investment in MarketInvoice’s platform to £10m.

The Bank’s initial £5m investment, made in August 2013, has already facilitated over £50m of funding for small businesses and on current estimates the Bank’s investment could result in over £100m of funding for high growth businesses.

MarketInvoice has recently completed a $10m (£6m) Series A funding round and will soon launch an expanded product set, including allowing businesses to access funds against licences, contracts, and subscriptions, as well as supplier finance where businesses can get finance to pay suppliers to complete large projects.

The funding milestone has been achieved across over 8,000 individual loans to high growth businesses across the UK. The average loan size is £60k and all invoices listed for sale on MarketInvoice have been funded in full, the vast majority within seconds of being listed.

Anil Stocker, CEO and Co-Founder of MarketInvoice, said: “Reaching half a billion pounds of funding for small business is a great achievement for MarketInvoice. This is just the beginning though; we know that financial services is changing and that businesses like ours are driving that change.

“We’re bringing new ideas and products to an industry which has been devoid of innovation for decades. Our intention is to help hundreds of thousands of UK business accelerate their growth.

“The additional commitment from British Business Bank is further proof of our ability to quickly and transparently provide much-needed short-term cashflow finance to high growth businesses, we’re grateful for their support of our mission.”

Peter Wilson, CEO of British Business Bank Investments, said: “Our initial investment of £5 million in 2013 has since enabled over £50 million of invoice finance to be supported through MarketInvoice’s platform.

“We work to encourage greater choice and diversity in small business finance markets and I am pleased that we are able to commit a further £5 million, helping even more small and medium sized British businesses secure the vital short-term working capital finance that they need to grow, with the resultant positive effect on the wider UK economy.”

This was posted in Bdaily's Members' News section by Ellen Forster .