- MarketInvoice funds £54.7m in invoices raised by UK businesses in March 2017
- MarketInvoice Pro drives successful Q1 2017, funding £129.6m
- 60% year-on-year (Q1 to Q1) growth in volume of business, on target to achieve landmark £2bn funding goal in 2017
MarketInvoice, the world’s largest peer-to-peer online invoice finance marketplace, observed its best quarter and record month (March) of invoice finance funding since starting in 2011.
Invoices worth £54.7m were funded from UK businesses last month, providing them with critical working capital. Q1 2017 has proved to be a record period for MarketInvoice as it scales towards its goal of providing funding against £2b of invoices. The value of invoices funded is up 160% from £81.1m (Q1 2016) to £129.6m (Q1 2017), and the current cumulative value of invoices funded stands at £1.2b.
MarketInvoice Pro, a confidential invoice discounting facility, was launched in February 2017 and, has in large part, driven the growth. The facility, which offers businesses an open funding line against their outstanding invoices, was the first new service launch by MarketInvoice since it was established in 2011.
Anil Stocker, CEO and co-founder of MarketInvoice commented: “This achievement is testament to our customer focused approach and the talented team members who work tirelessly to secure the right funding options and risk assessments for businesses and investors alike on our platform. Our tech advantage using innovative AI and Machine Learning capabilities means we are able to sync information faster and our analysts are able to make better, more qualified decisions quicker for businesses”.
“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”
“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.”
MarketInvoice’s main strategic ambition is to broaden its reach to be able to support a wider range of businesses, from start-ups to larger businesses looking to scale up. The company aims to help even more companies get paid faster by financing their invoices, so business owners can save time and focus on running their business.