Fintech Union to Further Speed Up Funding Process

By AltFi on 1st August 2014

Invoice Funding

The number of innovative partnerships within the alternative finance space continues to multiply.

Fintech Union to Further Speed Up Funding Process

Leading invoice finance platform MarketInvoice will now buddy up with online accounting software company Xero. Xero allows small businesses and their advisors to seamlessly manage their accounts by utilizing over 300 best-in-class business tools. It was recently ranked by Forbes as the World’s Most Innovative Growth Company. The partnership between these two disruptive fintech firms will allow finance-needy businesses to apply and be approved for funding in just 20 minutes. After the initial approval is complete, businesses can generate near-instantaneous finance via the MarketInvoice platform.

Anil Stocker, CEO of MarketInvoice, commented:

“Accessing finance for a growing business has long been a painstaking process dogged by delays, hidden fees, and complex long-term contracts. All of that is changing. MarketInvoice and Xero are both companies using innovation to shake-up jaded industries and this partnership changes the way businesses access finance.

“We’re harnessing two pioneering innovations to put power back in the hands of business owners. By bringing big data and intelligent finance together we can help businesses access funding in a tiny fraction of the time it takes to even meet your bank manager.”

To break down how the new partnership will work on a very practical level:

  • Businesses can apply for finance through a newly implemented MarketInvoice Xero Portal.
  • They login to their Xero account where an application form is pre-populated with data from Xero.
  • They choose a password, enter contact details and click apply.
  • MarketInvoice will respond to the request within 24 hours (usually 20 minutes) to inform the business if they’ve been approved.
  • Following approval, businesses can access the MarketInvoice platform directly from Xero and sell selected invoices “in just three clicks” – with funding advanced within a few short hours.

Gary Turner, Xero UK MD, also commented:

“We are pleased to partner with MarketInvoice to offer business owners access to new, alternative and flexible means of finance through this new addition to our cloud ecosystem.

“The chronic challenge small businesses face in trying to access working capital isn’t helped by the fact their accounting data is locked away inside archaic systems and often out of date. Xero’s cloud-based accounting software easily eliminates these issues and so it’s very encouraging to see new funding services now emerging that unlock cash tied up in long-dated invoices directly through our cloud accounting platform.”

Fintech alliances of this ilk represent important stepping stones in the development of the industry as a whole. This particular union will essentially ameliorate two facets of the MarketInvoice platform that were already held as strengths – transparency of information and speed of access to finance.  

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Companies in this Article:

MarketInvoice
Xero