The bank’s business customers will be offered working capital powered by the platform
The bank’s business customers will be offered working capital powered by the platform.
Invoice finance platform MarketInvoice will power business loans for Investec Asset Finance customers following a £50m commitment from the bank.
Investec will use MarketInvoice’s proprietary technology to originate and underwrite credit decisions, with Investec making funding available to deploy via the platform.
The partnership comes after MarketInvoice successfully completed an 18-month due diligence and compliance phase.
The credit risk analysis, underwriting and payment processing for all Investec customers will be undertaken by MarketInvoice, who have developed their own risk model to enable swift and seamless decisions on funding limits.
Anil Stocker, co-founder and CEO at MarketInvoice says the advent of Open Banking should prompt new business channels for established banks as well as fintechs.
“We believe there is much scope for traditional banks to partner with the latest fintech players, to better service the market. Open Banking should encourage and empower banks to deliver the highest innovation and customer service to their customers,” he said.