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Peer2Peer Finance News | August 17, 2019

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MarketInvoice teams up with Veritas to offer finance to 400,000 SMEs

MarketInvoice teams up with Veritas to offer finance to 400,000 SMEs
Kathryn Gaw

MARKETINVOICE has announced a “strategic alliance” with credit management firm Veritas Commercial Services (Veritas), which will give the lender access to more than 400,000 smaller businesses across the UK.

The partnership will bring the peer-to-peer invoice finance platform’s MarketInvoice Pro service to those Veritas users which adopt the firm’s credit control add-on. This will allow more than 400,000 small businesses to access an open funding line against all of their outstanding invoices.

Read more: MarketInvoice breaks £4m barrier on record day of trading

Previously, this service was only available to small- and medium-sized enterprises (SMEs) with a turnover of more than £1m. However, the threshold has been reduced to £300,000 for Veritas users.

“Invoice finance helps to bridge long payments terms and credit control prevents late payment, all with aim of improving a business’ working capital cycle,” said Anil Stocker (pictured), chief executive and co-founder at MarketInvoice.

“The strategic alliance with Veritas will enable us to support a broader range of businesses across the UK. We are excited to be helping even more businesses take charge of their cash flow and not let a lack of funding get in the way of the growth.

“Company owners regularly acknowledge that chasing payments and debts is a burden in achieving their growth and ambitions. Our seamless integration with Veritas will give businesses the support they need to control late payment and access funding to hit their targets.”

Read more: MarketInvoice, Funding Circle, Zopa, LendInvest make Fintech 250

Businesses which use the Veritas credit add-on solution can monitor the status of payments and will get live updates on chasing activity by their credit controller. This allows SMEs to speed up their working capital cycle and manage their outstanding invoices collection process. The MarketInvoice service will allow these businesses to access funding at better rates in the event of a delayed payment.

“The strategic alliance with MarketInvoice is very exciting,” said Jenny Oldfield, chief executive at Veritas.

“As a result, more small, growing businesses will now be able to benefit from a fully integrated invoice finance facility and credit management service that puts them firmly in control.

“The powerful combination of technology and talent from both our organisations brings tangible advantages to SMEs, harnessing cutting edge cloud solutions and deep expertise to drive improved cash flow and working capital. This, in turn, accelerates the flow of liquidity into the UK economy.”

Read more: MarketInvoice: One third of UK firms facing cash squeeze