- MarketInvoice advances more than £4m in a day for the first time
- £9,111 advanced every minute to UK business on 1st August
- More than £1.4b worth of invoices funded since 2011
MarketInvoice, the business finance company, observed a record trading day on Monday 1st August with £4.1m advanced to UK businesses against their invoices.
They average amount advanced (in 2017) is typically £3.2m per day and this is the first time, more than £4m was advanced in a day. On the same day in 2016 (1st August), the amount advanced was £3.1m.
MarketInvoice Pro, the confidential invoice discounting facility, launched in February 2017, 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 is an historic day for the business. We are pleased to be supporting businesses and confident that we can provide funding to them. Invoice finance is alive and well. Current trends (ABFA) indicate that invoice finance is challenging overdrafts and loans as a means of filling the working capital void faced by many businesses across the UK.”
“Our research shows that more than a third (38%) of businesses anticipate a cash squeeze in the next 6 months which could mean cut backs on expansion (34%), innovation (33%) and marketing spend (20%) as reported by business leaders.”