MarketInvoice has signed a deal with Varengold Bank to provide £45m annually to help offer UK SMEs working capital financing solutions.
UK-based MarketInvoice uses smart technology to provide invoice finance to businesses to help fund growth. Clients have two options, the MarketInvoice Pro which is an open funding line against outstanding invoices or Select, which is delivers financing options when they are needed.
The company’s aim is to provide businesses from startups to larger businesses to scale by helping them get paid faster by financing invoices.
Varengold Bank London Office Head Dan Walker said, “We have been looking at the FinTech sector for some time. MarketInvoice and its peer-to-peer invoice finance platform presented a fitting opportunity for us.”
In May, MarketInvoice made a similar deal with Portuguese Banco BNI Europa, with the bank providing £45m in annual lending commitments to help provide businesses with financing.
MarketInvoice also announced it has now provided £1.5bn in funding to UK businesses, with the company having deployed £500m in just the past ten months. The company has supported 18,700 jobs and has funded more than 70,000 invoices to help with cash flow and aid growth and expansion.
MarketInvoice CEO and co-founder Anil Stocker said, “This is a huge milestone for us as a funding platform. We started the company to provide businesses with choice, flexibility and an easy-to-use funding solution. Companies have been able to access funding from £10,000 to £3 million against invoices, to fund their working capital, which is vital to the success of small companies dealing with growing orders and long payment terms.”
The company received a £7.2m Series B round last year from MCI Capital and Northzone, with total funding reaching around £24m.
Copyright © 2017 FinTech Global