Member Article

MarketInvoice trumpets its record trading day as more businesses turn to alternative finance

Tech-enabled alternative finance has become an increasingly mainstream source of funding for many UK businesses nowadays, particularly as banks and other financial institutions become ever more cagey about lending in the current uncertain economic climate.

With the sector expected to grow to as much as £12.3bn by 2020 avenues such as peer-to-peer (P2P) lending and invoice advancing are becoming a crucial source of finance for more and more UK businesses.

One of the biggest operators in the space in the UK, MarketInvoice, has enjoyed similar successes recently, to such an extent that the London-based FinTech firm has announced that yesterday (1 August) was its busiest trading day yet.

According to MarketInvoice, over £4m was advanced on its platform in a single day on Tuesday, far exceeding the £3.2m per day average and eclipsing the £3.1m it advanced on the same day last year.

Anil Stocker, chief executive and co-founder of MarketInvoice described it as an ‘historic day’ for the FinTech firm.

He said: “We are pleased to be supporting businesses and confident that we can provide funding to them. Invoice finance is alive and well.

“Current trends indicate that invoice finance is challenging overdrafts and loans as a means of filling the working capital void faced by many businesses across the UK.”

“Our research shows that more than a third (38%) of businesses anticipate a cash squeeze in the next 6 months which could mean cut backs on expansion (34%), innovation (33%) and marketing spend (20%) as reported by business leaders.”