MarketInvoice has announced that last month it traded more than £10 million for the first time since launching in February 2011.
Since the start of the year, the company has seen the total value of invoices financed grow by an average rate of 20% month-on-month. Hundreds of small and medium sized businesses have accessed over £85 million in working capital via MarketInvoice since the launch of the company two years ago.
The largest single invoice to be sold through MarketInvoice in October was £1 million and it took just a few minutes for the platform’s pool of global investors to snap it up.
“The companies we are supporting are the lifeblood of our economy and will be the drivers of its recovery and we’re therefore proud to be offering of a new solution to the ongoing funding problems that they face.
“We still have much to do but our first £10m month is testament to the quality of our risk processing technology, the desire amongst our investors to back UK SMEs and the speed and certainty of funding that we are offering those selling invoices through us.”
MarketInvoice have customers located all over the UK who range from cupcake makers and marketing agencies, to software developers and suppliers of niche industrial parts.
MarketInvoice customer, Viv Parry of Exquisite Handmade Cakes said: “The experience of selling our invoices and accessing funding through MarketInvoice is a million miles away from what we’re used to. As a business owner it’s hugely refreshing to have access to a funding solution that is fast, transparent and is one that I’m in total control of.
“They’ve been a great support in helping us grow quickly over the last few months and it’s therefore very nice to see them doing the same.”