Commercial News

Barclays and Santander invest in MarketInvoice

Rozi Jones -
|
21st January 2019
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"We aim to invest in technology, data and strategic partnerships, to take MarketInvoice to the next level."

Fintech business lender MarketInvoice has raised £26m in a new equity funding round led by Barclays and Santander InnoVentures.

European venture fund Northzone, an existing investor in the company, and technology credit fund Viola Credit also participated in the equity round.

Since 2011, MarketInvoice has funded invoices and business loans to UK companies worth more than £2 billion.

MarketInvoice says the funding will allow it to deepen strategic partnerships in the UK, grow the team and increase awareness of its business finance solutions. In addition, the company is planning to launch cross-border fintech-bank partnerships to support more businesses with access to their lending solutions.

Anil Stocker, co-founder ans CEO of MarketInvoice, said: “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.

"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.

“Now more than ever, businesses need access to stable lines of funding as they navigate choppy political and economic conditions. Our invoice finance solutions are designed to bridge the gap in cash flow requirements and keep UK businesses growing and exporting.

"We will use this new funding to invest in further risk automation and data models, scale-up our business loans solution, and grow our teams.”

Ian Rand, CEO of Barclays Business Bank, commented: “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.”

Manuel Silva Martínez, managing partner and head of investments at Santander InnoVentures, added: "MarketInvoice is helping UK businesses access much needed funding to keep their businesses and ideas thriving in a very competitive market. We are pleased to be joining other financial institutions as shareholders to scale their solutions in the UK and abroad. We are very excited to join Anil and his exceptional team in building this vision together."

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