MarketInvoice funding to UK businesses reaches record high
Peer-to-peer invoice finance platform MarketInvoice funded a record £130 million of invoices in the first quarter of 2017, a 160 per cent rise from the first quarter of 2016.
The company also achieved a record high in March, with £54.7 million worth of invoices raised by businesses in the UK being funded.
The growth comes mainly as a result of MarketInvoice Pro, a new product that was launched by the company to provide a working capital solution for larger businesses in the UK.
The finance platform launched the product in addition to its original service, which is designed for smaller businesses achieving a lower turnover.
The growth in the first quarter of this year has brought the total funding value of invoices to £1.2 billion, bringing the finance platform closer to achieving its lending target of £2 billion this year.
MarketInvoice recently announced that the platform would be appointing Giles Andrews, co-founder of online personal finance peer-to-peer lending company Zopa, as the platform’s chairman to help support the company’s growth plans.
Commenting on the platform’s achievement, MarketInvoice Chief Executive and Co-Founder Anil Stocker said that it mirrors industry trends where asset-based finance is increasingly taking market share from traditional forms of work capital options.
He said: “Businesses are looking beyond their obvious ‘go-to’ options and realising they can use invoice finance in an effective and meaningful manner.”
He added: “We’ve seen a healthy take-up of MarketInvoice Pro, our first working capital solution for businesses wishing to finance all of their invoices. This gives businesses across the country the means to address priorities such as hiring more staff, launching new products and paying their suppliers.”