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Peer2Peer Finance News | October 20, 2018

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MarketInvoice hires ex-Lloyds, RBS banker Julian Cassen to boost business

MarketInvoice hires ex-Lloyds, RBS banker Julian Cassen to boost business
Suzie Neuwirth

MARKETINVOICE has hired corporate banking veteran Julian Cassen (pictured) to help grow the firm’s reach across the UK.

The peer-to-peer invoice finance platform said on Thursday that Cassen will be taking on the role of senior business development manager, working directly with Gavin Sumner, vice president for sales.

Cassen has over 25 years’ experience in business, commercial and corporate banking, namely at Lloyds Banking Group and RBS. He has led teams focussing on asset-based lending and business finance.

Read more: MarketInvoice gets £45m funding boost from German bank

MarketInvoice said that Cassen would work on delivering the company’s business strategy across sectors and regions, as well as providing input on underwriting and risk policies.

“I have witnessed, first-hand, the changes in business finance services over the past couple of decades; fintech has accelerated these developments more recently,” said Cassen.

“MarketInvoice has revolutionised the speed of providing business finance, ease of use with their interface for clients and, critically, maintained exceptional customer service standards. I look forward to helping shape the business and take the service far and wide across the UK.”

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Sumner added: “Julian brings a depth of experience to the team that will benefit our clients and team alike. His deep knowledge of a range of sectors and regions will help to grow the reach of MarketInvoice and support businesses across the UK.”

MarketInvoice has funded over 70,000 invoices collectively worth £1.5bn since its launch in 2011. Its backers include European venture capital fund Northzone and private equity group MCI Capital, and the British Business Bank has channelled funds to small businesses via its platform.

As part of its strategic ambition to expand its borrower base, MarketInvoice launched MarketInvoice Pro earlier this year, which provides an open funding line for larger businesses.

The firm’s latest annual reports, filed with Companies House, showed that pre-tax losses doubled to £6m last year despite higher turnover, as the company uses its funds to scale up.