MarketInvoice secures £135m for businesses from two European banks
Business finance firm MarketInvoice has today (March 26) announced new agreements with two European banks, boosting its platform by £135m.
The London-based firm struck a deal with Portuguese bank Banco BNI Europa (BNI) to add £90m to its platform and another, with German bank Varengold Bank AG, worth £45m.
MarketInvoice’s platform enables businesses to secure loans and invoice finance.
The company’s working capital solutions are funded by a variety of sources, including institutional investors like the British Business Bank, local authorities and high net worth individuals.
Banco BNI Europa initially invested £28.3m in 2016, following it up with £45m in May 2017 and a further £90m this month.
Prior to the new investment, Varengold Bank AG added £45m in September 2017.
Banco BNI Europa exec chairman Pedro Coelho said: “Our experience of working with MarketInvoice since 2016 has been exceptional.
“Our values are aligned on delivering innovative, quick and easy-to-use products that help growing businesses. Their ability to deliver fast and timely funding means that our investment is being well utilised.”
The EVP of marketplace banking at Varengold Bank AG, Lukas Diehl, commented: “The MarketInvoice model has proven itself to be a dynamic marketplace servicing a vast swathe of businesses.
“Increasing our investment was a straightforward decision, in keeping with our ambition to become the bank of choice for the marketplace lending industry.”
The deals with BNI and Varengold follow last week’s announcement that MarketInvoice has advanced £2bn worth of finance since its launch in 2011.
Anil Stocker, chief exec and co-founder of MarketInvoice, said: “The volume and value of invoices we’re funding is higher than ever before.
“This is all down to businesses choosing diversity in funding source. Our growing institutional investor base on the platform has enabled us to support a broader pool of businesses.”
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