MarketInvoice hits record quarter with £196.2m funds

Business finance company MarketInvoice has observed quarterly demand for invoice finance from UK businesses in Q3 2017.

It is said that £196.2m worth of invoices were funded in the quarter, of which £74.1m was funded in August alone – a record month for MarketInvoice, providing UK businesses with critical working capital.

The value of invoices funded is up 67 per cent year-on-year from £117.6m (Q3 2016) to £196.2m (Q3 2017) as the business is said to move closer to reaching a £2bn funding milestone. Current cumulative value of invoices funded since 2011 has reached £1.55bn, of which £495m has been funded in 2017.

Nehal Mittal, VP finance and strategy at MarketInvoice, commented: “We are proud to be supporting UK businesses, providing timely and effective working capital solutions, as they deliver goods and services here in the UK and abroad.

“Our research from July, found that more than a third (38 per cent) of businesses were anticipating a cash squeeze going into Q3 and Q4 2017, which reflects the significant growth in our funding levels.

“Our new confidential invoice discounting facility, launched in February 2017, has driven much of the increase in our funding amounts, and appeals to businesses that have regular need to access working capital to hire more staff, launch new products and pay suppliers.”

This facility, which offers businesses an open funding line against their outstanding invoices, was the first new service launch by MarketInvoice since it was established in 2011.

MarketInvoice’s main strategic ambition is to broaden its reach to be able to support a wider range of businesses, from startups to larger businesses looking to scale up.