UK fintech business lender MarketInvoice has raised £26M in new equity funding during a Series-B funding round led by Barclays and Santander’s $200M fintech fund InnoVentures with significant participation from European venture fund Northzone, an existing investor in the company. Technology credit fund Viola Credit, who also participated in the equity round, will provide a debt facility of up to £30m to help scale the MarketInvoice business loans solution, that sits alongside their core invoice finance solutions.
“This investment is perfectly timed for the company. The quality of investors we are bringing in through this funding round is a real testament to the whole team at MarketInvoice and the value we are building,” MarketInvoice Co-founder & CEO Anil Stocker. “We’re excited to develop our finance solutions further and become the trusted funding partner for ambitious entrepreneurs. By collaborating with bank partners, we will be reaching many thousands of companies here 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.”
Since 2011, MarketInvoice has reportedly funded invoices and business loans to UK companies worth more than £2 billion, making them Europe’s largest online invoice finance platform.
MarketInvoice said that the platform has supported thousands of companies across the UK, funding over 170,000 invoices and supporting over 15,000 UK jobs, by providing business finance to help them grow, expand operations and hire more people.
“MarketInvoice is helping UK businesses access much needed funding to keep their businesses and ideas thriving in a very competitive market,” observed Manuel Silva Martínez, Managing Partner and Head of Investments at Santander InnoVentures. Regarding the round, he added, “We are pleased to be joining other financial institutions as shareholders to scale their solutions in the UK and abroad. We are very excited to join Anil and his exceptional team in building this vision together.”
MarketInvoice will utilize the new funding to deepen strategic partnerships in the UK, grow the team and increase awareness of its business finance solutions. In addition, the company is planning to launch cross-border fintech-bank partnerships to support more businesses with access to their lending solutions.
“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,” shared Stocker. “We will use this new funding to invest in further risk automation and data models, scale-up our business loans solution, and grow our teams.”