MarketInvoice selected for the FinTech50
Every industry has their own Oscars. The FinTech50, an annual list of the 50 hottest FinTechs in Europe, is very much the prestigious crowning moment for businesses in the financial services technology industry.
We’re proud to announce that MarketInvoice was selected in the 2017 list, having previously appeared in the 2016 edition and the inaugural 2013 list.
The FinTech50 is an annual list of 50 European FinTechs who are transforming financial services across all verticals and at all stages, from start-up to high growth. It’s not a competition and it doesn’t rely on entries; instead, the list is formulated from extensive year-round research with companies selected by a panel of industry experts from around the world.
FinTech City, the team behind the list, established the list as the first of its kind, worldwide, to showcase FinTechs for innovation. Their mission is to bring together the global community of leaders in FinTech, financial services, venture capital and global tech to meet, share information and do business together.
This year’s list was the most hotly contested since it began in 2013, with over 1,500 companies put forward for consideration. It was adjudicated by an elite panel of 63 judges including Eileen Burbidge, Alastair Lukies CBE and Markus Ferber – among other key influencers in the industry such as tier one banks and VC investors.
The list shines a spotlight on companies leading the evolution of financial services by reducing complexity and cost, expanding access to finance for individuals and businesses, and making money for their customers. It also reveals new collaborative partnership models being forged between FinTechs across Europe, as well as between FinTechs and banks.
The list celebrates businesses who take a cutting-edge innovative approach and play a pivotal role in transforming financial services. Notably, judges commended us on our growth track record, management team and game-changing vision.
Over the last twelve months, as a business we raised £7.2m (series B) in an investment round from European venture capital fund Northzone and private equity group MCI Capital to support our growth and investment objectives. We reached the £1b funding milestone at the end of 2016 and have funded over 70,000 invoices to date, worth over £1.3b. We work with thousands of businesses and support over 18,700 jobs in the UK economy by providing the necessary working capital solutions to drive success.
Our funding volumes and growth have accelerated over the last year, and in March 2017, we provided a record amount of funding in any single month since inception (£54.7m). Moreover, our funding grew over 60% year-on-year from £81.1m (Q1 2016) to £129.6m (Q1 2017). This was in part driven by the launch our new product, MarketInvoice Pro – an innovative confidential invoice discounting solution.
We also built out our senior management team with key hires including a Head of Risk, VP of Finance & Strategy and a VP of Sales and brought on board our first ever chairman, Giles Andrews, widely considered a FinTech founding father. Additionally, our headcount grew to 90 and we moved to new offices in Shoreditch, London.
Institutional investors, who have been such a big part of the funding that we provide to businesses, continued their commitment to MarketInvoice. We entered into a new agreement with a bank partner for the first time (Banco BNI Europa) to provide £45m in funding annually for UK businesses.
It’s an honour to be a part of the 2017 list and we look forward to building on this achievement in the years to come. We’re committed to shaking up the mainstream market, and continually evolving our proposition to deliver smart and fast finance to businesses across the UK.