Fintech lender MarketInvoice looks to build on success of new product

By Ryan Weeks on 14th July 2017

P2P/Marketplace LendingAlternative Credit

MarketInvoice boosts funding lines by accepting Euro and Dollar-based invoices as security.

Fintech lender MarketInvoice looks to build on success of new product

MarketInvoice, a pioneer in the selective invoice finance space, is looking to build on the momentum generated by its newest product.

The company launched “MarketInvoice Pro” in February, allowing businesses to access open funding lines secured against their outstanding invoices. Previously the platform had dealt exclusively in selective invoice finance. The rationale behind the expansion was two-fold: in part designed to offer a broader range of products to borrowers, in part meant to create more meaningful deployment opportunities for institutional investors.

MarketInvoice’s funding lines seem to be doing the trick so far. The company posted a record quarter of lending in Q2, capped off by a monthly record of £64.2m of invoices funded in June.

Now MarketInvoice Pro is set for a boost, with businesses able to access the new funding lines using Euro and Dollar-denominated invoices as collateral. This was already possible for users of MarketInvoice’s bread-and-butter selective invoice finance service. Invoices worth €77.3m and $156.7m have been funded through the platform to date.

“Larger businesses that are adopting MarketInvoice Pro typically do business abroad and this functionality will allow them to use their foreign currency invoices in equal measure as they do sterling invoices,” said Stephanie Le Geyt, senior product manager, at MarketInvoice.

“With exports up almost 30 per cent year on year, businesses are using MarketInvoice to fund their overseas expansion. Brexit and a weakened sterling have certainly helped in attracting more businesses, typically exporters, who have used our Select service in seeking funding against invoices. We are an innovative and nimble business, we continuously evolve our services to serve customer needs to put them in the best place to achieve their goals”.

Comments

AltFi Amsterdam Summit 2018

AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.

5th November 2018


Companies in this Article:

MarketInvoice