The high street bank has committed to a significant minority stake in the platform to give its SME clients seamless access to innovative forms of finance.
The partnership will allow Barclays’ customer base to gain access to MarketInvoice’s proprietary single invoice finance product as well as broader digital invoice finance facilities.
SMEs which sell goods or services to other businesses will be able to upload or sync their invoices to MarketInvoice’s platform and sell them to investors, unlocking fast access to funding.
“It makes total sense to partner and introduce our online business finance solutions for their large customer base,” said Anil Stocker, CEO at MarketInvoice (pictured above).
“It’s easy to forget that the companies you see on the FTSE 100 all started as small businesses with founders following a passion.
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“In focusing on the needs of these entrepreneurs through this collaboration, Barclays and MarketInvoice will truly transform the experience of UK companies in sourcing finance.”
The proposition will be introduced to Barclays’ SME clients over the coming months in certain areas across the UK, with a full roll-out set to commence nationwide in 2019.
“A number of our clients told us that they feel pressured into offering longer payment terms in order to stay competitive,” said Ian Rand, CEO at Barclays Business Bank.
“This ties up their cash flow, preventing them from seizing growth opportunities.
“Invoice financing gives small businesses the power to obtain funding in a fast and innovative way, and capitalise on those moments.
“Our corporate bank already offers invoice financing to large businesses, so it’s great news that we’re able to extend the proposition to work for our SME clients as well.”