MarketInvoice has expanded its mission in the business finance space by launching business loans today, aiming to complement their suite of invoice finance solutions and allowing them to better serve the working capital needs of UK businesses. MarketInvoice is rebranding, evincing its evolution into a business finance company.
“We’re always looking for more ways to help businesses get the funding they need, that’s why we’re excited with the launch of our loans solution. This fits into our goal to support a wider range of companies and to give owners the help they need to focus on their business ambitions, rather than their funding challenges,” shared MarketInvoice co-founder and CEO Anil Stocker. “Entering the business loans space, a £35b annual market in the UK alone, was a natural move for us. Our experience in underwriting business credit, coupled with our technology and people means we are well-placed to serve this demand. To coincide with this product launch, our new brand and marketing campaign this month will help raise awareness amongst British businesses that MarketInvoice is here to help.”
Businesses may now obtain unsecured business loans from £10,000 to £100,000 over a 12-month term with no early repayment fees. With the launch of business loans, MarketInvoice will deepen its support for businesses requiring working capital around their invoice finance requirements. Business loans will be available to all UK businesses with a minimum turnover of £70,000 which has been trading for at least 6 months. The platform noted that its solution has been beta-tested over the last three months and received positive feedback from users and partners. During this beta trial period, over £1m was advanced to UK businesses.
[clickToTweet tweet=”UK @MarketInvoice Rebrands, Introduces New #Loan Solutions @fintechinsider_ @crowdfundinside” quote=”“We’re always looking for more ways to help businesses get the funding they need, that’s why we’re excited with the launch of our loans solution,” shared MarketInvoice co-founder and CEO Anil Stocker. “]
Building on the tech underpinning its already successful invoice finance solutions — which have funded over 70,000 invoices worth £1.6b to date — MarketInvoice business loans aim to be quick to set up and easy to use. Funds will be sent to approved businesses within 24 hours of application. Business loans will be funded through the MarketInvoice platform. Investors include a mixture of sophisticated investors and, increasingly, more institutional money from banks and asset managers.
In the last 12 months, MarketInvoice has not only been selected for the Global CB Insights Fintech 250 2017 and the European FinTech50 2017 lists, but also funded over 70,000 invoices worth £1.6b (to date, since 2011), secured investment deployments on the platform from two European banks, totalling £90m in funding per year, provided record monthly funding to UK businesses in August 2017 (£74.1m) and delivered 67% year-on-year funding growth from £117.6m (Q3 2016) to £196.2m (Q3 2017).
The platform notes that its main strategic ambition is to broaden its reach in order to support a wider range of businesses, from startups to larger businesses looking to scale up. Going forward, MarketInvoice plans to help more companies with their working capital needs, in order that business owners can save time and focus on running their business.