MarketInvoice inked another bank deal with Varengold Bank AG for £45mn ($60mn) in debt funding; according to AltFi MarketInvoice's capacity to take on institutional money has increased four fold since 2014; MarketInvoice have funded over 70,000 invoices and lent out over £1.5bn ($2bn). Source.
MarketInvoice has launched a new product for invoice discounting; MarketInvoice Pro provides an open funding line through new technology that will make invoice financing easier and faster for businesses with an ongoing need for funding; to support the new product growth, MarketInvoice recently received a 7.2 million British pound ($9.04 million) investment from MCI Capital and Northzone Partners; with the launch of MarketInvoice Pro the firm plans to double its lending for 2017 with targeted loan originations of 2 billion British pounds ($2.51 billion). Source
Anil Stocker and Aman Mehra from MarketInvoice talk with AltFi about how marketplace lenders are revolutionizing the credit underwriting process; specifically noting the speed of approvals from sophisticated credit underwriting models; also the seamless aggregation and decision process which Stocker says is faster and more efficient than banks; the success of the firm's underwriting has helped it to maintain a steady client base and also gain endorsement from the UK's British Business Bank. Source
Veritas is a specialist in commercial credit management services; through the partnership, MarketInvoice will be available to customers using the firm's VeritasVirtual platform; clients use this platform to monitor the status of outstanding payments and will now be able to obtain access to the MarketInvoice Pro credit line through the VeritasVirtual platform. Source
UK based invoice financing fintech MarketInvoice has raised a fresh $72mn in capital, $33mn in equity and a $39mn debt...
The UK's MarketInvoice, a working capital lender for businesses, has been gaining significant market traction and is reporting ambitious plans for future business growth; it is estimating total lending of 2 billion British pounds ($2.5 billion) by the end of the year and is planning to offer its service to incumbent banks; the firm has also appointed Zopa's Giles Andrews as its chairman and hired Shaun Alexander as head of risk to improve its risk reporting, integrate more artificial intelligence programming and facilitate greater deal communication with large traditional banks. Source
The UK's MarketInvoice has reported record originations of 130 million British pounds ($161 million) for the first quarter of 2017; originations increased by 160% from the comparable quarter giving the firm cumulative originations of 1.2 billion British pounds ($1.5 billion); origination growth for the firm has been helped by a new product called MarketInvoice Pro which provides businesses an open funding line for their invoice borrowing. Source
UK invoice financing platform MarketInvoice reported a record day of transactions this week; the platform transacted GBP4.1 million ($5.38 million) in invoice advances to UK businesses; the firm's MarketInvoice Pro product has been a factor supporting increased lending volumes on the platform with the new product offering an open funding line for businesses. Source
AltFi reports on the new deal where Varengold Bank AG will provide £45m annually to the platform; Varengold is a German private bank which was granted a commercial banking license in 2013; MarketInvoice recently signed a similar partnership with Banco BNI Europa earlier this year. Source
The company passed £1bn in 2016 after 5 years and booked another £1bn in just 14 months; part of their success in increasing originations has been due to two new products, confidential invoice discounting and business loans; their larger institutional investor base has also allowed them to fund larger businesses with bigger funding requirements; in 2017 the firm lent £714.2m to businesses. Source