Anil Stocker

P2P lender breaks funding record

Peer-to-peer (P2P) platform MarketInvoice has broken its lending record in the first quarter of 2017.

The company financed £54.7m worth of invoices last month, with the value of invoices funded up 160% year-on-year to £129.6m for Q1.

This growth was largely driven by the launch of a confidential invoice discounting facility in February, the platform’s first new service since launching in 2011.

Anil Stocker, CEO and co-founder of MarketInvoice (pictured above), said: “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.”

MarketInvoice saw its lending increase four-fold during 2016.

The company has now funded £1.2bn worth of invoices and hopes to reach £2bn of lending in 2017.

Anil added: “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.”

Last month, MarketInvoice appointed Zopa co-founder Giles Andrews as chairman.

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