Invoice finance

MarketInvoice reaches £1bn funding milestone




Peer-to-peer business lender MarketInvoice has celebrated reaching £1bn of invoices funded ahead of a new partnership with Leeds Council.

The firm revealed that it had teamed up with Leeds City Region Enterprise Partnership (LEP) in a deal that will provide local SMEs with £2m of funding on the platform each year.

The announcement was accompanied by the news that £1bn of invoices had been financed through the platform since its launch in 2011.

Anil Stocker, CEO and co-founder of MarketInvoice, said: “This is a huge milestone for us as a funding platform and I look forward to turning MarketInvoice into a mainstream provider for business finance.

“Our whole team is proud to be supporting the backbone of the British economy.

“This milestone is testament to the success of businessmen and women across the country.”

The new partnership marks the fourth government and local authority tie-in for MarketInvoice, as the firm has existing deals in place with British Business Bank, Greater Manchester Combined Authority and West Oxfordshire District Council.

Through these, more than £106.7m in funding has been advanced to businesses local to the relevant authorities.

Roger Marsh OBE, chair of the LEP, added: “Maintaining cash flow is vital to small and medium businesses.

“That is why the LEP is contributing to this platform: to help provide a solution for businesses facing a long wait for payment of their invoices.

“By quickly releasing finance that would otherwise be tied up in the short term, business owners can keep up momentum with their activity and invest money back in the business where it is most needed.”

 

 

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