MarketInvoice looks to double lending to £2bn in 2017
- Launch of confidential invoice discounting service, MarketInvoice Pro, targets companies with permanent funding need, and expands reach and size of funding available
- MarketInvoice lent over £2,000 per minute to UK business in 2016
- Brexit presents growth opportunities for UK business
9th February 2017, London; MarketInvoice, the world’s largest peer-to-peer online invoice finance platform, has today launched MarketInvoice Pro – an innovative confidential invoice discounting service – using technology to provide finance easier and faster for businesses that have a regular funding need.
Having funded invoices over £1.1bn (to date, since 2011) with an invoice-by-invoice finance product, MarketInvoice is aiming to double its lending in 2017 with the launch of MarketInvoice Pro which offers businesses an open funding line against their outstanding invoices. The ambitious growth target is underlined by significant demand from existing users1, interest from investors seeking to increase their deployment on the platform and a recent £7.2m investment into MarketInvoice by MCI Capital and Northzone Partners.
MarketInvoice has a customer retention rate2 of 81% (mapped over a 5-year period since set-up) and lending has increased 4-fold over the last twelve months, providing (on average) £2,196 every minute to UK businesses. Investor appetite has also grown significantly over the past two years; the number of sophisticated investors active on the platform has increased by 25%, with institutions increasing by 42% and high net worth investors are up by 235%.
MarketInvoice’s main strategic ambition is to broaden its reach offering to be able to support a wider range of businesses, from start-ups to businesses looking to scale-up. Ensuring that even more companies can get paid faster by financing their invoices allowing business owners to save time and focus on what’s most important – running their business.
Anil Stocker, CEO and co-founder of MarketInvoice commented: “This launch marks a significant milestone for us and signals our intent on shaking-up and challenging the mainstream market. Our aim is to build tech-led funding products that are the fastest to set up and easiest to use in the market. MarketInvoice Pro is a natural evolution of our business and brings a fresh and innovative approach to solving the biggest issues for businesses in the UK; available cash-flow.
“Our track-record of exceptional customer service with businesses and their reciprocal trust and faith in us, means we are confident of delivering more funding and success for them. The appetite for asset-based finance is roaring and we aim to forge new ground in this £20bn industry”
“As Brexit takes shape, we think the coming months present a significant opportunity for MarketInvoice. In every period of turmoil there exists huge opportunity – we believe our model will mature through this cycle, and prove we are here to stay.”
The new confidential invoice discounting line is secured against outstanding invoices. Companies can use the funding line when they need it, and the value of the facility grows as the company grows. MarketInvoice Pro offers one of the fastest funding decisions in the market; MarketInvoice’s system connects to a company’s accounting software to credit score and provide real-time limits and balances. MarketInoivce Pro is supported by an easy to use platform and MarketInvoice’s award-winning personalised service.
1 Based on MarketInvoice research of 867 companies between October and November 2016. 76% of businesses reported additional capacity for funding from MarketInvoice
2 Based on MarketInvoice data as of 31st January 2016.