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Peer2Peer Finance News | August 18, 2019

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MarketInvoice teams up with accounting software provider Xero

MarketInvoice teams up with accounting software provider Xero
Anna Brunetti

MARKETINVOICE has partnered with accounting software provider Xero to boost its network of small- and medium-sized businesses in need of finance.

The peer-to-peer lender, which specialises in invoice finance, will benefit from Xero’s existing pool of 862,000 subscribers, which include small businesses in need of operating capital and financial advisors looking to bridge the funding gap for them.

The move comes as part of the integration of Xero’s web of financial services providers, which already counts more than 500 online apps and, from today, two further additions alongside MarketInvoice: payment processor Due Course and working capital lender Iwoca.

Read more: MarketInvoice names Zopa’s Giles Andrews as chairman

“It is our stated mission to support the funding needs for businesses of all shapes and sizes by challenging the status quo and finding innovative routes to market,” said MarketInvoice’s chief executive Anil Stocker.

“Our service allows businesses to integrate directly with Xero ensuring a speedy set up and easy maintenance, saving time and resource.

Read more: Making capital work

“This is yet another step in our journey in using technology to make funding easier for businesses.”

MarketInvoice has recently widened its product range to offer companies credit lines secured against their own invoices, in contrast to the platform’s traditional invoice-by-invoice service that directly matches the assets with lenders’ funds.

The new product, called MarketInvoice Pro, will target slightly larger companies – something that will be helped by the new partnership unveiled on Wednesday, which will give it access to a broader client base.