MarketInvoice, a UK based invoice financing platform, has received a £45 million lending commitment from Portuguese bank BNI Europa.
“We are proactively working with Fintech businesses globally that prescribe to our vision of providing low-cost, innovative products with exceptional customer service. MarketInvoice has consistently delivered these values over the years,” said Pedro Coelho, BNI Europa’s Executive Chairman.
The welcomed news came following a gangbusters quarter for the peer to peer lender funding against £54.7m worth of invoices raised by UK businesses, according to management. Between January and April of 2017, MarketInvoice broke records for funding, providing funding against £130 million worth of invoices from businesses across the UK. The platform expects to top £2 billion worth of originations since platform launch later this year. Current total originations stood at £1.2 billion so they expect over £800 million in 2017. Businesses are also financing larger and larger invoices with the firm.
Anil Stocker, CEO and co-founder of MarketInvoice explained that his platform was scooping market share away from traditional peer to peer lenders. Their asset backed strategy is paying off.
“Businesses are looking beyond their obvious ‘go-to’ options and realising they can use invoice finance in an effective way,” says Stocker.
