MARKETINVOICE is launching a new commission structure for accountants, financial advisors and commercial finance brokers, stepping up its distribution efforts to hit the £2bn lending mark by the end of the year.
The peer-to-peer invoice finance platform announced on Thursday it will offer distribution partners a 40 per cent share of the subscription fees it charges to new clients referred to MarketInvoice Pro, the product it launched in February to provide credit lines to larger companies, which marked its first foray into the invoice discounting market.
MarketInvoice Pro is designed for slightly larger companies, who 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.
The new offer will also grant distributors a further 20 per cent commission for each year that newly-acquired clients remain with the platform.
The move aims to capitalise on MarketInvoice’s exponential growth, with the recently-launched product helping it post a record first quarter of 60 per cent year-on-year growth to £129.6m.
The firm, which has channelled £1.2bn of invoice-backed funds to small businesses so far, said it is now “making steady headway into the invoice discounting market” thanks to MarketInvoice Pro.
The distribution partners it seeks to bring on board with the new commission structure would be able to access its introducer partner portal and refer clients directly, track their progress and receive updates on commissions, the firm said.
The portal will also guarantee potential clients a quick quotation for new invoice finance facilities and the possibility to withdraw funds within seven days from the set-up of a facility.
“In structuring this commission structure, we acknowledge the trusted status which accountants, commercial finance brokers and financial advisers have with businesses,” said MarketInvoice’s co-founder and chief executive Anil Stocker. “We want to build on that trust and deliver additional value to their clients across the country, whilst ensuring that they benefit from our success.
“80 per cent of businesses that come to MarketInvoice have never used invoice finance previously and over time. We have built a 81 per cent retention among them over five years.
“These businesses typically grow by 35 per cent per annum whilst they remain with us; we want to be able to service them further as they head into peak growth phases and MarketInvoice Pro provides the means to do so.”