Peer-to-peer lender MarketInvoice had a record month in March, funding £55 million worth of invoices for UK businesses to end its best quarter ever.
The first three months of the year marked the best quarter ever for the company since their launch in 2011. The value of invoices funded is currently up 160 percent from £81.1 million in the first quarter of 2016 to £129.6 million in the first quarter of this year, with the current cumulative value of invoices standing at £1.2 billion.
The growth was largely driven by their new product, MarketInvoice Pro, which was launched in February of this year. The facility, which offers businesses an open funding line against their outstanding invoices, was the first new service launched by MarketInvoice since the business began.
Anil Stocker, CEO and co-founder of MarketInvoice, commented: “This achievement is testament to our customer focused approach and the talented team members who work tirelessly to secure the right funding options and risk assessments for businesses and investors alike on our platform. Our tech advantage using innovative AI and Machine Learning capabilities means we are able to sync information faster and our analysts are able to make better, more qualified decisions quicker for businesses.
“This achievement mirrors industry trends where asset-based finance is increasingly taking market share from traditional forms of working capital options. Businesses are looking beyond their obvious ‘go-to’ options and realising they can use invoice finance in an effective and meaningful manner”
“We’ve seen a healthy take-up of MarketInvoice Pro, our first working capital solution for businesses wishing to finance all of their invoices. This gives businesses across the country the means to address priorities such as hiring more staff, launching new products and paying their suppliers.”
As part of its growth strategy MarketInvoice recently announced the appointment of Shaun Alexander as Head of Risk, poached from international bank Santander.
Alexander joins the fintech company after a career in credit risk management in several global banks, including Barclays where he worked for 22 years in various credit risk roles. In 2008, Shaun joined Banco Santander, becoming the Head of Risk for Asset-Based Lending to manage credit risk across the invoice finance and asset finance product range.
MarketInvoice was launched in 2011 and is based in London and Manchester, allowing small and medium-sized businesses to borrow money using unpaid invoices as security against loans. Since its inception it has provided over £1.1 billion in funding to thousands of UK businesses, helping overcome the lengthy payment terms of their customers.