The fourth largest player on the UK alternative finance scene has breached the £200 million barrier.
MarketInvoice has now enabled UK SMEs to raise over £200m against their unpaid invoices. The platform has increased year-on-year trading in 2014 by a massive 465%. Over £100 million of MarketInvoice’s cumulative volume figure has come in 2014 alone. Each of the big four platforms (Zopa, Funding Circle, RateSetter and MarketInvoice) has now lent over £100m since the start of this year, illustrating the rapidly accelerating growth of the sector. That growth stands in sharp contrast to a 2.1% decline in business lending by the banks and other mainstream finance providers.
“The businesses we’re helping are some of the most exciting in the UK - young, dynamic, successful companies eager to explore opportunities for growth and not willing to wait weeks on end for the bank manager to catch up with them.
“Our investors have put £200m straight into the real economy through these companies and we plan to help thousands more businesses in the near future.
“Alternative finance is here to stay, the banking crisis has only accelerated an inevitable trend. By dis-intermediating financial services we can help businesses get fast, transparent and flexible funding. Like so many other industries digital technology is changing the landscape of financial services, improving the experience for the end user, and demanding a re-think of all the old norms.”
If Market Invoice's origination volumes continue on their current growth trajectory, AltFi Data estimates that Market Invoice's cumulative volume will be £325m by the end of 2014.
The UK's oldest and best-loved conference for fintech and alternative finance insiders returns for its sixth iteration at etc.venues. We'll showcase the best of the UK's digital banking, online lending and digital wealth sectors through a series of uniquely in-depth discussions and presentations. Open Banking will be in full flight, just over a year on from its launch, and will be a central theme at the event.