The platform has struck the first major fundraising deal of 2019 as it looks to expand its UK market presence and launch new fintech-bank partnerships.
At the same time as the Series B, credit fund investors Viola Credit, who participated in the equity round, will also provide a debt facility of up to £30m to help scale MarketInvoice’s business loans that sit alongside its core invoice financing.
The new cash raised from the equity funding will, MarketInvoice says, be used to increase the scope of its strategic partnerships in the UK as well as launch cross-border fintech-bank partnerships and invest in risk automation and data models.
Anil Stocker, co-founder & CEO of MarketInvoice, also said that by collaborating with banks, the firm will be reaching many thousands of companies in the UK and abroad to provide them with their business finance needs.
“We aim to invest in technology, data and strategic partnerships, to take MarketInvoice to the next level."
"Now more than ever, businesses need access to stable lines of funding as they navigate choppy political and economic conditions. Our invoice finance solutions are designed to bridge the gap in cash flow requirements and keep UK businesses growing and exporting,” he said.
MarketInvoice has funded invoices and business loans to UK companies worth more than £2bn, making them Europe’s largest online invoice finance platform, the firm says.