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Peer2Peer Finance News | September 23, 2017

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MarketInvoice names Zopa’s Giles Andrews as chairman

MarketInvoice names Zopa’s Giles Andrews as chairman
Suzie Neuwirth

ZOPA co-founder Giles Andrews OBE has been appointed chairman of MarketInvoice, to help support the peer-to-peer invoice finance platform’s plans for growth this year.

Andrews (pictured centre) will continue in his role of chairman of Zopa, the world’s first P2P platform, which he led as chief executive from 2007 to 2015. He received an OBE for services to financial services in the New Year’s Honours list last year.

Andrews will work directly with MarketInvoice’s co-founders Anil Stocker (pictured right) and Ilya Kondrashov (pictured left) to drive scale in the business, as well as chairing and managing the board of directors, the company said.

A spokesperson from MarketInvoice told Peer-to-Peer Finance News that Andrew was a “longstanding friend and mentor” to Stocker.

The high-profile appointment comes at a pivotal time for MarketInvoice, as it is looking to double its lending to £2bn this year. The firm recently launched MarketInvoice Pro, a new funding product that offers larger businesses a credit line against all their outstanding invoices, which is expected to play a big role in this year’s growth.

MarketInvoice has funded invoices worth over £1.1bn to date, lending £2,196 every minute to UK businesses in 2016.

It raised £7.2m in a recent investment round from European venture capital fund Northzone and private equity group MCI Capital, just after the EU referendum vote last year.

Read more: Making capital work: exclusive interview with Anil Stocker

“In preparing the business for the next phase of growth, we are delighted to welcome Giles as chairman of the board,” said Stocker.

“His expertise in building businesses and extensive experience of the peer-to-peer lending sector will provide just the perspective and guidance MarketInvoice requires to scale new heights.

“This appointment is yet a further signal of our intent to shaking-up and challenging the mainstream market. MarketInvoice is committed to evolving its proposition in delivering smarter, faster finance to businesses and consistent returns for investors.”

“MarketInvoice is transforming the landscape of the business finance industry,” said Andrews. “I have long been fascinated by their game-changing and innovative attitude. I look forward to working with the team in channelling their drive and ambition.”

Read more: MarketInvoice and Funding Circle represent P2P on fintech delivery panel