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Barclays, Santander Back MarketInvoice in £56m Deal

January 22, 2019

MarketInvoice has raised £26m in new equity funding. This Series-B funding round was led by Barclays and Fintech fund, Santander InnoVentures with significant participation from European venture fund Northzone, an existing investor in the company. Technology credit fund Viola Credit, who also participated in the equity round, will provide a debt facility of up to £30m. The facility will help scale the MarketInvoice business loans offering that sits alongside their core invoice finance solutions.

Since 2011, MarketInvoice has funded invoices and loans to UK businesses worth more than £2 billion, making it Europe’s largest online invoice finance platform. MarketInvoice has worked with thousands of companies across the UK, funding over 170,000 invoices and supporting over 15,000 UK jobs, through solutions that are easy to access and fast to deliver funding.

The funding will enable MarketInvoice to deepen strategic partnerships in the UK, grow the team and increase awareness of its business finance offering. In addition, the company is planning to launch cross-border Fintech-bank partnerships to give more businesses access to its invoice finance and loan solutions.

Anil Stocker, Co-founder & CEO of MarketInvoice, commented: “This investment is perfectly timed for us. 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 solutions further and become a trusted financial partner for even more ambitious entrepreneurs. By collaborating with bank partners, we’ll be reaching thousands of businesses here in the UK and abroad to provide them with quick and easy access to funding. We plan to invest in technology, data and strategic partnerships to take MarketInvoice to the next level.”

Ian Rand, 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.”

Manuel Silva Martínez, Managing Partner and Head of Investments at Santander InnoVentures commented: “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.”

Ido Vigdor, partner at Viola Credit, commented “More than £6 billion has been funded through alternative finance lending in the UK and it has become an established mainstream component in the UK financial landscape. The awareness, adoption and impact of alternative finance options are increasing rapidly as platforms, such as MarketInvoice, are providing seamless, easy to use, financial services. We are excited to enter the UK market and partner with this exceptional company as it enters to it next phase of growth”.

Anil Stocker added: “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 gaps in cash flow and keep UK businesses growing and exporting.

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

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