UK Fintech MarketInvoice Tops £2 Billion in Online Lending

MarketInvoice has announced a new milestone of having topped £2 billion worth of invoice finance and business loans to UK companies.

Launched in 2011, MarketInvoice has now provided financing solutions to thousands of businesses across the UK. The company reports that during this time over 90,000 invoices have been funded to 93 countries.

The first £1 billion was achieved after 5 years of trading and the second £1 billion took just 14 months to reach. MarketInvoice has launched two new products, confidential invoice discounting and business loans, that have helped to boost platform velocity. These helped MarketInvoice provide funding worth £714.2m to business in 2017 up from £410.4m in 2016 (up 74%).

MarketInvoice says 2017 saw their platform support businesses requiring larger funding levels. The average annual amount funded to the businesses almost doubled from £606,000 in 2016 to £1.14 million in 2017. Also, the average value of invoices funded was £96,597, up from £56,495 in the same period. Since November 2017, loan volume has almost trebled from £1 million to £2.8 million in less than 5 months. The average loan value advanced currently is £38,000.

“2017 was a productive year for MarketInvoice and we look forward to the next billion landmark before the end of the year. Reaching the £2b milestone is testament to the trust businesses place in our solutions and the customer service we have built our brand on. We are now servicing larger business with bigger funding requirements. Our growing institutional investor base on the platform has enabled us to support a broader pool of businesses,” commented Anil Stocker, CEO and Co-founder. “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. It’s great to see businesses choosing diversity in funding source. Moreover, the invoice finance and asset-based lending sector is providing more finance to UK businesses than ever before. Funding volumes are up 13% year on year and stand at just over £22 billion. This is the highest figure ever.”

Stocker said the goal is to build a tech leading solution that is the fastest and easiest to use in the market. Open Banking also presents an opportunity for the agile Fintech firm.

MarketInvoice business highlights (last 12 months):

  • Launched new brand and business loans
  • Secured credit insurance (Euler Hermes) and credit control (Veritas) partnerships
  • European banks now participating directly on the platform alongside the British Business Bank, local councils and sophisticated investors
  • Selected in The Sunday Times Tech Track 100 and Global CB Insights Fintech250 2017 rankings
  • Appointed Giles Andrews OBE, the founding father of peer-to-peer lending, as Chairman
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