MarketInvoice has secured an investment of GBP6 million (USD10 million) which the peer-to-peer finance provider will use to broaden its product set.
This will include allowing businesses to access funds against licences, contracts, and subscriptions, as well as supplier finance where businesses can get finance to pay suppliers to complete large projects.
Following the Chancellor’s confirmation of an ‘Innovative Finance ISA’ which will allow tax free investing in peer-to-peer finance from April 2016, MarketInvoice is also announcing that it will use the new funds to enable retail investors to access the MarketInvoice platform and gain exposure to this attractive risk-return asset class.
Northzone and Paul Forster, Co-Founder and former CEO of Indeed.com, are backing the investment.
Jeppe Zink (pictured), General Partner at Northzone, says: “We’ve been working with MarketInvoice for nine months and are really excited by what the team is achieving. We’re seeing great metrics around user growth and engagement. This is a classic example of a tech business disrupting an age-old industry and having a fantastic real world impact on its users based on a fundamentally better service. The opportunity for growth is massive.”
Forster says: “MarketInvoice has one of the most robust models in peer-to-peer finance and is growing its user base quickly. They have great plans to broaden their core products on both the borrowing and lending sides of the platform. There’s a lot of innovation yet to come and I’m excited to be part of it.”
Anil Stocker, Co-Founder and CEO of MarketInvoice, says: “Our mission is to become the destination for small businesses looking for working capital finance. This oxygen of funding for UK businesses is a poorly served market and it represents a huge opportunity. We want to offer small businesses easy access to their monthly funding needs, and enable investors – from institutions to individuals – to drive small business growth whilst earning a market beating return.”
