Peer-to-peer invoice financing platform MarketInvoice has announced an agreement with Banco BNI Europa to provide £45 million in funding annually to fund working capital solutions for businesses across the UK.
The deal represents the first major agreement signed by the UK fintech company, signalling BNI’s confidence in MarketInvoice after trialling a £28.3 million investment last year. Launched in February 2011, sums advanced to UK businesses from institutional investors via MarketInvoice have almost doubled over the last three years from £96.1 million to £176.2 million.
Pedro Coelho, Executive Chairman of Banco BNI Europa commented on the agreement:
“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. The MarketInvoice Pro service is now a further means to build on our relationship as it provides a longer-term arrangement.”
“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 Pro is a confidential invoice discounting facility, launched in February 2017, offering businesses a funding line against their outstanding invoices. Since its conception, MarketInvoice has funded over 70,000 invoices worth more than £1.2 billion (to date) unlocking working capital for businesses across the UK.
Anil Stocker, CEO and co-founder of MarketInvoice said: “Institutions have played a significant role in our growth story and over the past two years have consistently funded almost 60 percent 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.”