MARKETINVOICE has added euro and US dollar capabilities to its MarketInvoice Pro product.
The peer-to-peer invoice finance platform said the move means users will now be able to fund their invoices in these currencies as quickly as sterling denominated invoices, which will also help them mitigate foreign exchange fluctuations and manage their exposure to certain currencies.
MarketInvoice Pro is designed to offer businesses an open funding line against their outstanding invoices, and launched earlier this year. The MarketInvoice Select service, which allows businesses to choose which invoices to seek funding against, already had the functionality to deal with US dollar and euro invoices.
There has been a 35 per cent year-on-year increase in the number of businesses using MarketInvoice for foreign currency invoice finance, the company said.
Stephanie Le Geyt, senior product manager at MarketInvoice, pointed out that larger businesses which are adopting MarketInvoice Pro typically do business abroad, which is why the firm wanted to introduce this added functionality.
“With exports up almost 30 per cent year on year, businesses are using MarketInvoice to fund their overseas expansion,” she said. “Brexit and a weakened sterling have certainly helped in attracting more businesses, typically exporters, who have used our Select service in seeking funding against invoices. We are an innovative and nimble business, we continuously evolve our services to serve customer needs to put them in the best place to achieve their goals”.
Last week MarketInvoice announced that it had funded £161.9m of invoices in the second quarter of this year, its best quarter since launching in 2011. That figure represents 57.2 per cent year-on-year growth.