MarketInvoice, a provider of invoice financing solutions based in the United Kingdom, has managed to secure £56 million ($71.9 million) in equity and debt funding, the company announced this Monday. Part of this cash injection came from a Series-B funding round led by Barclays and fintech fund Santander InnoVentures, which raised £26 million in new equity funding for the company.
Northzone, a European venture fund and existing investor in the company, also played a large part in the funding round. Viola Credit, a technology credit fund, which also participated in the equity round, will provide MarketInvoice with a debt facility of up to £30 million. This is to help the company scale its business loans solution, the statement said.
Commenting on the motivation for participating in the funding round, Ian Rand, the CEO of Barclays Business Bank, said: “Collaborating with fintech companies like MarketInvoice is an integral part of Barclays’ strategy for accelerating growth. This investment demonstrates our commitment to the partnership we announced last summer which offers hundreds of thousands of our SME clients access to even more innovative forms of finance, boosting cash flow and competition in the market.”
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MarketInvoice plans to deepen strategic partnerships in the UK
MarketInvoice is the largest invoice finance platform in Europe, having funded invoices and business loans to UK companies worth more than £2 billion. The cash injection will be put towards deepening the company’s strategic partnerships in the UK, increase its team and brand awareness, the company said.
Furthermore, the fintech firm will also use the funding for its plans to launch cross-border fintech-bank partnerships, which will support businesses with access to their lending solutions.
“This investment is perfectly timed for the company. The quality of investors we are bringing in through this funding round is a real testament to the whole team at MarketInvoice and the value we are building,” noted Anil Stocker, the Co-founder and CEO of MarketInvoice.
“We’re excited to develop our finance solutions further and become the trusted funding partner for ambitious entrepreneurs. By collaborating with bank partners, we will be reaching many thousands of companies here in the UK and abroad to provide them with their business finance needs. We aim to invest in technology, data and strategic partnerships, to take MarketInvoice to the next level,” he added.