Barclays to fund £1bn of invoices via MarketInvoice in coming years
A SIGNIFICANT proportion of MarketInvoice’s business is likely to be funded by Barclays in the future, rather than by peer-to-peer investors.
Bilal Mahmood, spokesperson for the business finance platform, told Peer2Peer Finance News that its recently-unveiled strategic partnership with Barclays would fund close to £1bn-worth of invoices over the next few years. MarketInvoice has funded invoices worth around £2.7bn since launching in 2011.
Mahmood said the Barclays deal would have no impact on its other investors, who are mostly high-net-worth and institutional, because there will still be a steady flow of small- and medium-sized enterprises (SMEs) who come directly to the platform.
Barclays, which has one million SME customers, is introducing the MarketInvoice proposition to clients in certain regions over the coming months. A full roll-out will come into force nationwide in 2019.
“This achieves growth for Barclays because we can grow our asset base,” said Lorna Whalley, Barclays’ head of group products. “It will add additional value to Barclays and also to MarketInvoice because instead of using their P2P network alone they will also use our balance sheet to fund the customers we refer over to them.”
This article featured in the September issue of Peer2Peer Finance News, now available to read online.