MARKETINVOICE is celebrating yet another record quarter, as the peer-to-peer invoice finance platform edges closer to the £2bn funding milestone.
The London-headquartered company said on Monday that £196.2m of invoices were funded in the third quarter of 2017, a 67 per cent year-on-year increase. This brings the cumulative value of invoices funded since the platform’s 2011 launch to £1.55bn, of which £495m has been funded in 2017 alone.
August 2017 was a record-breaking month for the platform, with £74.1m funded to businesses.
The growth is predominantly due to MarketInvoice Pro, the firm said. The new product, launched in February 2017, offers businesses an open funding line against their outstanding invoices.
“We are proud to be supporting UK businesses, providing timely and effective working capital solutions, as they deliver goods and services here in the UK and abroad,” said Neha Mittal, VP for finance and strategy at MarketInvoice.
“Our research from July found that more than a third (38 per cent) of businesses were anticipating a cash squeeze going into the third and fourth quarter of 2017, which reflects the significant growth in our funding levels. Business leaders and entrepreneurs have the peace of mind that invoice finance can provide a secure, efficient and timely means to remedy matters as they look to scale and develop their businesses.”
MarketInvoice has been securing a variety of partnerships and expanding its team in order to scale up the business. Last month it signed an agreement with German private bank Varengold to provide £45m annually to UK small businesses via its platform and in August, it teamed up with credit management firm Veritas Commercial Services to widen its access to potential business borrowers.
Earlier this month, the company hired corporate banking veteran Julian Cassen as senior business development manager.