MarketInvoice announced on Monday it has signed agreements with Portuguese bank Banco BNI Europa (BNI) and German bank Varengold Bank AG to add £90 million and £45 million respectively on its platform. This news comes just one week after the company announced it topped £2 billion worth of invoice finance and business loans to UK companies.
Launched in 2011, MarketInvoice stated its smart online platform enables businesses to secure business loans and invoice finance. Last year, the platform almost doubled the average annual amount advanced to UK businesses, from £606,000 in 2016 to £1.14 million. the average value of invoices funded was £96,597, up from £56,495 in the same period. MarketInvoice reported that going into 2018, as larger invoice finance deals present themselves, these new institutional investor deployments will provide timely additional capital to enable UK businesses to grow.
MarketInvoice also revealed that Banco BNI Europa’s initial investment of £28.3 million in 2016 was followed up with an additional £45 million in May 2017. Today, that capital deployment has doubled by adding a further £90 million to the platform. Varengold Bank AG added £45 million in September 2017 and has, today, added a further £45m to support UK businesses funding needs. Pedro Coelho, Executive Chairman of Banco BNI Europa, stated:
“Our experience of working with MarketInvoice since 2016 has been exceptional. Our values are aligned on delivering innovative, quick and easy-to-use products that help growing businesses. Their ability to deliver fast and timely funding means that our investment is being well utilized. Furthermore, with the onset of Open Banking in the UK, we expect they will get funding to companies faster, who will in turn grow, hire more people and ultimately generate economic growth.”
Lukas Diehl, EVP Marketplace Banking, of Varengold Bank AG, commented:
“The MarketInvoice model has proven itself to be a dynamic marketplace servicing a vast swathe of businesses. Increasing our investment was a straight forward decision, in keeping with our ambition to become the bank of choice for the marketplace lending industry. In the year ahead, as Brexit looms, there is significant upside for MarketInvoice in all scenarios. The company is well placed to serve UK businesses providing export goods and services or those firms that are wary of the trading environment. Cashflow will be central to all businesses and MarketInvoice is well placed to service their funding needs.”
Anil Stocker, CEO and Co-founder of MarketInvoice, added:
“The volume and value of invoices we’re funding is higher than ever before. This is all down to businesses choosing diversity in funding source. Our growing institutional investor base on the platform has enabled us to support a broader pool of businesses. 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.”