Invoicing financing platform MarketInvoice has inked a deal with Portuguese Banco BNI Europa (BNI) to provide £45m in lending commitments annually.
The agreement follows a trial investment of £28.3m by the bank last year.
Manchester-based MarketInvoice aims to let SMEs access working capital by securing loans against outstanding invoices.
The company raised £7.2m in a Series B round last year from MCI Capital and Northzone.
Since launching in 2011 MarketInvoice claims to have provided more than £1.2bn in funding to UK businesses, having financed more than 70,000 receivables.
The company recently announced its aim to surpass £2bn in funding this year as it targets a wider range of businesses ranging from startups to later-stage companies looking to scale.
For BNI the deal comes as part of an ongoing strategy of FinTech engagement.
The bank’s executive chairman Pedro Coelho commented: “In 2015, we put in place a digital strategy to drive our investments through fintech platforms. This news is testament to how well it has worked for us.”
“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.
“It is inevitable that banks will work more collaboratively with FinTech businesses. I am firm believer of this and see much scope in the industry.”
MarketInvoice CEO and co-founder Anil Stocker said: “Institutions have played a significant role in our growth story and over the past two years have consistently funded almost 60% of the working capital provided to UK businesses via MarketInvoice.
“This new commitment from BNI is further proof of our ability to provide finance to high growth businesses across the country, we’re excited by their support of our mission.”
Copyright © 2017 FINTECH GLOBAL