Business finance company MarketInvoice announced this it has joined a select group of alternative finance firms on NatWest’s Capital Connections panel. MarketInvoice reported that it is the ninth alternative finance provider to join Capital Connections, alongside Funding Circle, Assetz Capital, Start Up Loans, Seedrs, Together, iwoca, Esme Loans, and NatWest Social & Community Capital. The company also noted that each provider has been selected to cover the range of different funding products and include a mix of specialty finance and peer-to-peer lending.
According to MarketInvoice, Capital Connections helps SMEs to access alternative sources of capital after being unable to secure traditional financial backing. Business customers are signposted to the panel of innovative sources of finance including equity crowdfunding, marketplace lenders and now invoice financing. Speaking about the company joining the Capital Connection panel, Anil Stocker, CEO and Co-founder of MarketInvoice stated:
“Featuring on this panel will broaden our reach and help even more businesses achieve their goals. Companies across the UK are choosing to diversify funding sources with more than £4b advanced through alternative finance firms. Furthermore, the invoice finance [and asset-based lending] sector is providing more finance to UK businesses than ever before. Funding volumes are up 5% year on year and stand at just over £23b. This is the highest figure ever. As the first invoice finance provider on the panel, we will be able to showcase how invoice finance can help businesses of all sizes and work with them to find the right solution. Enhancing access to borrowing is essential for jobs and economic growth.”
Alison Rose, CEO of Commercial and Private Banking at Natwest, then commented:
“We’re excited to welcome our first invoice finance provider to Capital Connections. MarketInvoice has serviced a large number and wide variety of businesses. Their robust service, quick and easy to use solutions, provide another distinct choice for the many innovative businesses in the UK. As the biggest supporter of British business, we understand that traditional funding routes are not always the best option for fast growing start-ups. Through Capital Connections we’re able to signpost a broad choice of funding options through its impressive range of alternative lenders.”
Since its launch in 2011, MarketInvoice revealed it has provided business finance solutions to thousands of businesses across the UK that have over 19,000 employees. During this time, more than 90,000 invoices have been funded to 93 countries. In 2017, the company almost doubled the average amount advanced to UK businesses, from £606,000 in 2016 to £1.14 million.
MarketInvoice went on to note that it has had a successful 2018 so far. Last month, the company reached the milestone of funding £2 billion worth of invoices and business loans to UK companies.