Business finance startup MarketInvoice reported a record month in June, financing £64.2 million worth of invoices.
The second quarter of 2016 was the company’s best ever, surpassing the record figures reported in the first quarter of 2017. MarketInvoice funded invoices worth £161.9 million in the second quarter of the year alone, providing UK business with critical working capital.
The value of invoices funded is up 57.2 percent from £103 million in the second quarter of 2016 to £161.9 million in the same period this year. The current cumulative value of invoices funded stands at £1.34 billion.
Anil Stocker, CEO and co-founder of MarketInvoice, commented:
“This is a positive achievement for the business and is testament to our customer focused approach and our team members who work hard to create the best experience for businesses and investors using our platform.
“Our new invoice finance facility, MarketInvoice Pro, launched in February 2017, has driven much of the increase in our funding amounts, and appeals to businesses that have regular need to access working capital to hire more staff, launch new products, and pay suppliers.
“According to recent industry statistics, the use of invoice finance by businesses as a means to cover working capital has increased 14 percent over the past year to £21.9 billion at the end of Q1 2017. MarketInvoice now represents the easiest way for businesses to access this finance whether it is to fund single invoices or set up an invoice finance facility. We’re looking forward to breaking more records in the coming months.”
The business launched a new product, MarketInvoice Pro, in February of this year, which has largely driven the strong growth over the past quarter. The facility offers businesses an open funding line against their outstanding invoices, and was the first new service launch by MarketInvoice since it was established in 2011.
MarketInvoice’s main strategic ambition is to broaden its reach to be able to support a wider range of businesses, from start-ups to larger businesses looking to scale up. The company aims to help even more companies get paid faster by financing their invoices, so business owners can save time and focus on running their business.