MarketInvoice breaks £4m barrier on record day of trading
MARKETINVOICE had a record trading day on Monday, channelling £4.1m to UK businesses against their invoices.
This is over £1m more than the peer-to-peer invoice finance platform’s daily average of £3.2m. It is also the first time that more than £4m was advanced in a day.
The Peer-to-Peer Finance Association member said that MarketInvoice Pro, a new facility launched in February 2017 that offers businesses an open funding line against their outstanding invoices, has driven the growth.
“This is an historic day for the business,” said Anil Stocker (pictured), chief executive and co-founder of MarketInvoice.
“We are pleased to be supporting businesses and confident that we can provide funding to them. Invoice finance is alive and well. Current trends indicate that invoice finance is challenging overdrafts and loans as a means of filling the working capital void faced by many businesses across the UK.”
Stocker cited recent MarketInvoice research that found that 38 per cent of businesses anticipate a cash squeeze in the next six months, which could affect their plans to expand, innovate and market themselves.
MarketInvoice’s record day follows a record three months for the platform. £161.9m of invoices were funded in the second quarter of 2017, a 57.2 per cent rise year on year, with £64.2m funded in June alone.
Launched in 2011, the platform has funded over 70,000 invoices worth over £1.4bn to thousands of UK businesses.