MarketInvoice secures £56m investor funding
UK lending start-up MarketInvoice has secured £56 million ($72 million) in a mix of equity and debt funding from investors.
The London-based financial technology firm lets small-to-medium enterprises sell their unpaid invoices through an online platform to gain access to working capital loans.
MarketInvoice said the investment consisted of a £26 million funding round led by Barclays and the venture capital arm of Santander, as well as a £30 million debt facility from Viola Credit, the lending fund of Israeli private equity firm Viola Group.
Anil Stocker, co-founder and chief executive of MarketInvoice, said the new capital would be used to boost its business in the UK and help it forge more partnerships with banks — with a particular focus on cross-border tie-ups.
"We're using this money to scale the business here in the U.K., which means delivering on the strategic partnership that we have with Barclays and investing more in tech and data," he told CNBC. "We also have an eye now through the strategic partnerships — especially with Santander — to go abroad to see how we can work in European countries or further afield working with their business units."
Established in 2011, MarketInvoice has funded invoices and business loans to UK companies worth more than £2 billion, and they claim to be Europe’s largest online invoice finance platform.