MarketInvoice passes £2bn, eyes Open Banking potential

By Daniel Lanyon on Sunday 18 March 2018

Alternative Lending

The firm saw its invoice finance volumes soar in 2017 following greater awareness and adoption of alternative finance across the UK.

The firm saw its invoice finance volumes soar in 2017 following greater awareness and adoption of alternative finance across the UK.

MarketInvoice has passed £2bn of invoice finance and business loans following 74 per cent rise in invoice financing volumes in 2017, according to a statement from the firm.

Launched in 2011, the firm provides business financing to UK companies. Its first £1bn milestone occurred in 2016 after 5 years of trading. The second £1bn took just 14 months to reach. Part of this, the firm says, is due to two new products launching: confidential invoice discounting and business loans.

These helped MarketInvoice provide funding worth £714.2m to business in 2017 up from £410.4m in 2016, or a 74 per cent increase.

Last year also saw MarketInvoice finance firms with larger funding levels. The average annual amount funded to businesses nearly doubled from £606,000 in 2016 to £1.14m in 2017. Also, the average value of invoices funded was £96,597, up from £56,495 in the same period. MarketInvoice recently also launched a business loans solution targeted at smaller businesses. Since November 2017, loan volume has almost trebled from £1m to £2.8m in less than 5 months. The average loan value advanced currently is £38,000.

Anil Stocker, CEO and co-founder of MarketInvoice says the firm is now regularly funding larger firms with bigger funding requirements. Much of this is powered by a greater institutional investor base, adds.

“The launch of our business loans and our confidential invoice discounting solution has come at a time when awareness and adoption of alternative finance options is increasing. The invoice finance and asset-based lending sector is providing more finance to UK businesses than ever before. Funding volumes are up 13 per cent year on year and stand at just over £22bn. This is the highest figure ever,” he said.

Stocker adds that MarketInvoice is also looking to utilise Open Banking to further power its growth.

“Our aim is to build tech-led funding solutions that are the fastest to set up and easiest to use in the market. Open Banking presents an unrivalled opportunity for us to increase speed at which business can be funded and to create innovative pathways to solving the biggest issues for businesses in the UK; available cash flow,” he said.

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