MarketInvoice is driving its roots deeper into the accountancy sector.
Market-leading online invoice finance platform MarketInvoice has partnered up with KPMG. The tie-up will provide KPMG’s Small Business Accounting Service clients with direct access to the MarketInvoice platform, should they require an injection of working capital. The partnership will also include collaboration between the two firms on a business education programme, comprised of regional events, webinars, e-books and online “accountancy clinics” for SME owners.
Anil Stocker, CEO of MarketInvoice, said of the partnership:
“The world of finance is changing; fintech companies like MarketInvoice offer new ways for businesses to access finance quickly, simply and transparently, direct from their accounting software.
“It’s great that KPMG is backing this movement, and is helping to make more UK businesses aware of the latest funding options available to them. We’re excited to work together to drive the growth of UK small businesses and the economy.”
MarketInvoice is also integrated with a number of accountancy software platforms, including Xero and, more recently, Sage. Customers of these companies can apply for a hit of invoice finance at the touch of a button, and can expect a funding decision within minutes. MarketInvoice algorithms are plugged directly into the accounts of prospective borrowers, giving the platform total clarity as to the financial position of a given business.
The KPMG arrangement is quite different. The accountancy firm does have a technology platform, but the backend of that platform is powered by Xero software, with which MarketInvoice is already integrated. The primary purpose of the KPMG partnership is to inform and to educate the company’s vast small business community about the mechanics and potential benefits of online invoice finance.
Mick Thompson, office senior partner, KPMG in Newcastle, gave his take:
“Our objective is to help our customers grow and run their businesses as effectively as possible. This alliance supports that goal, as it will help KPMG customers to access finance as quickly as they require it. By combining cloud-based accounting services with online finance, businesses can access the funds they need more easily than ever.”
MarketInvoice now boasts an impressive array of partnerships in the accountancy space – all of which are designed to ramp up deal flow. A platform like MarketInvoice – which turns around deals very quickly (the platform’s average term is just under 42 days) – faces a perpetual deployment challenge. The platform has completed nearly four times as many transactions as SME lending rival Funding Circle. The origination burden will become all the more weighty when MarketInvoice opens its doors to retail money. Entrenching itself within the accountancy sector as the go-to online invoice finance solution appears to be an important facet in the platform’s plan for keeping pace with heightened investor demand.