PwC continues to make moves en route to establishing itself as a key support structure for the UK’s alternative finance sector.
It was only a few weeks ago that we first heard of a groundbreaking new partnership between the PwC and Funding Circle. It has now been announced that PwC has crafted a similarly structured arrangement with the UK’s leading online invoice funder – MarketInvoice. PwC will commit to informing small businesses in need of funding for their unpaid invoices about the MarketInvoice platform. In return, MarketInvoice will refer its clients to PwC’s My Financepartner team. The new relationship will include a series of mentoring sessions for business owners – offering advice on finance and growth strategies.
“Many accountants are already referring their clients to us. From a business-owner’s perspective, it can be tricky to navigate the many new innovative products entering the business finance market. Businesses expect their accountant to be an expert in alternative sources of finance, and the PwC team is demonstrating its forward thinking in tackling this challenge. Over the coming months we expect to be working even more closely with hundreds of accountants across the UK.”
Tony Price, a PwC partner who heads up the My Financepartner team, also weighed in:
“Many of our client businesses are not aware of the range of alternative finance options available. Often they believe that traditional financing routes offer the only options.
“Businesses are demanding new, flexible and faster options for funding, and also new ways for accessing professional advice. My Financepartner enables PwC to provide a flexible accounting service at an affordable rate. Our arrangements with innovative companies like MarketInvoice enable us to get businesses leaders the information and services they need to grow, fast.”
The major accountancy firms have been sniffing around the alternative finance sector for some time – having recognized the value of being closely aligned with the leading providers. But it would appear that PwC is streaking away from the competition. With two strategic partnerships under its belt, it’s fair to wonder if further arrangements – within the equity crowdfunding space perhaps – are soon to follow.