As can be seen from the chart above, MarketInvoice’s growth has been consistent and continuous. AltFi Data estimates that MarketInvoice will fund another £100m of invoices by the end of the year, producing 37% y-o-y growth.
Anil Stocker, CEO and Co-Founder of MarketInvoice, commented on the achievement:
“Reaching half a billion pounds of funding for small business is a great achievement for MarketInvoice. This is just the beginning though; we know that financial services is changing and that businesses like ours are driving that change. We’re bringing new ideas and products to an industry which has been devoid of innovation for decades. Our intention is to help hundreds of thousands of UK business accelerate their growth.”
MarketInvoice has also announced today that it has secured an additional £5 million investment from the UK-Government backed British Business Bank (BBB), taking the BBB’s total investment in the platform to £10 million. The new deal lasts until 2018. The Bank’s initial £5 million investment, made in August 2013, has already facilitated over £50 million of funding for small businesses, and on current estimates the Bank’s investment could ultimately result in over £100 million of funding.
This latest news adds to an exciting period of developments for MarketInvoice. As AltFi recently reported, the platform completed a $10 million (£6 million) Series A funding round in August, and will soon launch an expanded product set. This involves allowing businesses to access funds against licences, contracts, and subscriptions, as well as supplier finance where businesses can get finance to pay suppliers to complete large projects.
Mr. Stocker commented:
“The additional commitment from British Business Bank is further proof of our ability to quickly and transparently provide much-needed short-term cashflow finance to high growth businesses, we’re grateful for their support of our mission.”
Peter Wilson, CEO of British Business Bank Investments, elaborated further:
“Our initial investment of £5 million in 2013 has since enabled over £50 million of invoice finance to be supported through MarketInvoice’s platform. We work to encourage greater choice and diversity in small business finance markets and I am pleased that we are able to commit a further £5 million, helping even more small and medium sized British businesses secure the vital short-term working capital finance that they need to grow, with the resultant positive effect on the wider UK economy.”