The marketplace lender reported a 60 per cent growth in the volume of business during the first three months of the year.
Online invoice finance marketplace lender MarketInvoice has reported a record first quarter in 2017 for funding, largely driven by its launch of MarketInvoice Pro, a confidential invoice discounting facility, the company said.
The product was launched in February and offers business an open funding line against their outstanding invoices.
Founded in 2011, the platform allows businesses to sell its unpaid invoices in order to raise capital. The company reported a 60 per cent year-on-year growth, funding £54.7m in invoices raised by UK businesses in March alone. MarketInvoice Pro funded £129.6m in Q1.
The investments make the lender on track to meet its £2bn funding goal by the end of the year. The value of invoices the platform has funded is up 160 percent from £81.1m in Q1 2016 to £129.6m Q1 2017. The cumulative value of invoices funded is £1.2bn.
“This achievement mirrors industry trends where asset-based finance is increasingly taking market share from traditional forms of working capital options,” said Anil Stocker, CEO and co-founder of MarketInvoice. “Businesses are looking beyond their obvious ‘go-to’ options and realising they can use invoice finance in an effective and meaningful manner.”