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Peer2Peer Finance News | September 23, 2017

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MarketInvoice marks another record quarter

MarketInvoice marks another record quarter
Marc Shoffman

PEER-TO-PEER invoice finance platform MarketInvoice is celebrating its best quarter since its launch in 2011.

The platform announced on Wednesday that £161.9m of invoices were funded in the second quarter of 2017. with £64.2m funded in June alone.

The results surpass the first-quarter record and are up 57.2 per cent year on year.

Anil Stocker, chief executive of MarketInvoice, said much of the performance was due to the launch of invoice discounting facility MarketInvoice Pro in February, which offers businesses an open funding line against their outstanding invoices.

MarketInvoice Pro is designed for slightly larger companies, which turn over more than £1m per year, compared to the platform’s original product that can be used by companies that are turning over as little as £100,000 per year.

“This is a positive achievement for the business and is testament to our customer focused approach and our team members who work hard to create the best experience for businesses and investors using our platform,” Stocker said.

“Our new invoice finance facility, MarketInvoice Pro, 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.”

Read more: Making capital work: Anil Stocker interview

It has been a busy few months for MarketInvoice, after sealing a long-term funding deal with Portuguese online bank Banco BNI Europa in May, as it looks to capitalise on a surge of interest from global institutions.

Back in March, the firm announced that that Zopa co-founder Giles Andrews would be joining the firm as chairman, to help drive scale in the business.