Business finance platform MarketInvoice has announced its latest partnership with trade-credit insurance firm Euler Hermes, to provide its users with credit insurance policies and further safeguard UK businesses.
With Euler Hermes credit insurance, MarketInvoice customers who use invoice financing solutions will now be protected in the event their customer becomes insolvent or fails to pay within the agreed terms.
According to the lender today’s news, in addition to MarketInvoice’s Risk Prevention Tool which monitors a company’s financials, will allow customers “a forward view” on their debtors, and improve future trade decisions.
“As a fintech business, we look to partner with like-minded businesses who are competitive, agile and friendly. Euler Hermes is a perfect fit for us,” said Ilya Kondrashov, COO and co-founder of MarketInvoice.
“The underlying aim of this partnership is to enable companies of all sizes to trade with confidence at home or abroad. This is the joint mission of our businesses and we aim to deliver this for our customers. As Brexit dawns, this partnership arrangement, will provide our customers the confidence to expand sales to new buyers and markets.”
Euler Hermes, a subsidiary of Allianz, offers financial services in over 50 countries to business-to-business (B2B) clients to support cash and trade receivables management. The company posted a consolidated turnover of €2.6bn in 2016, and insured global business transactions for €883bn in exposure at the end of 2016.
“We live in uncertain times. Trade, investment and consumer spending are driven by confidence, and uncertainty is the enemy of confidence,” added Euler Hermes UK and Ireland CEO Milo Bogaerts.
“Businesses leaders need to plan ahead for how future risks like Brexit might impact them and their supply chains. Plus recent high profile corporate failures reinforce the need to be increasingly aware of the risks of late or non-payment for goods and services provided on credit.
“This is why MarketInvoice is our partner of choice to help businesses trade with confidence.”