MARKETINVOICE has secured £56m in equity and debt funding that will help it scale up its lending and expand abroad.
Barclays – which took a minority stake in the peer-to-peer business loans and invoice finance platform last year – took part in a £26m Series B equity funding round alongside Santander’s InnoVentures fintech fund, technology credit fund Viola Credit and existing investor Northzone.
Viola Credit will also provide a debt facility of up to £30m to go towards business loans on the MarketInvoice platform.
Santander will not provide any funding but it is understood that its backing will help MarketInvoice launch in new overseas markets in the future.
Anil Stocker (pictured) said the company is planning to launch cross-border fintech-bank partnerships to support more businesses with access to their platform.
A spokesperson said this would not conflict with existing Barclays partnerships as the bank has already agreed to fund £1bn of invoices on the platform.
“This investment is perfectly timed for the company,” Stocker said.
“The quality of investors we are bringing in through this funding round is a real testament to the whole team at MarketInvoice and the value we are building.
“We’re excited to develop our finance solutions further and become the trusted funding partner for ambitious entrepreneurs.
“By collaborating with bank partners, we will be reaching many thousands of companies here in the UK and abroad to provide them with their business finance needs.
“We aim to invest in technology, data and strategic partnerships, to take MarketInvoice to the next level.”