MarketInvoice celebrates delivering £150 million of working capital to UK business
MarketInvoice, Europe’s biggest online invoice trading platform , is celebrating crossing the threshold of £150 million advanced to British businesses – a huge triumph for the UK’s burgeoning alternative finance sector.
Founded in 2011, the platform funded £3 million in its first year, £30 million in its second year, £66 million in its third year, and over £50 million in the first quarter of 2014.
Fast growing UK businesses are turning to MarketInvoice, because in contrast to traditional invoice finance, MarketInvoice offers funding with transparent rates, no lock in period, no debentures, and with no requirement to put all invoices through the platform.
The £150 million, which has come from both the UK government and institutional investors, has been channelled to over 500 businesses up and down the country, giving them working capital to grow (please find customer quotes below).
Thanks to the sophisticated algorithms which power the MarketInvoice platform, money can be in a client’s account within 90 minutes of signing up, and the loss rate for investors is 0.04%.
Co-founder and CEO Anil Stocker said:
“It wasn’t so long ago that we were toasting our first invoice worth £6,000, issued to the Post Office.
Now, in just a short space of time, we’ve put £150 million straight into the real economy; funding businesses that are hiring, growing, exporting and forging ahead with new products and services across a wide range of sectors.”
“We are very pleased with MarketInvoice – it always goes smoothly. It was a match made in heaven – MarketInvoice was responsive when banks were not.”
Jennifer Bentley, Finance Director, 3DD
“I have to say I love MarketInvoice. It’s easy, fast, affordable, flexible and releases working capital in hours. It’s been the best support we needed at this inflection point of growth in the business.”
Charlotte Knight, Founder, G’Nosh