MarketInvoice has announced a $10 million investment alongside plans to extend its product range, all aimed at making the company a one-stop destination for working capital finance. Northzone and Paul Forster, Co-Founder and former CEO of Indeed.com, are backing the investment.
MarketInvoice is the world’s largest peer-to-peer business lender for short term finance. Businesses can access funds in 24 hours against outstanding invoices, licenses, contracts and subscriptions. Company is going to use the funds to broaden its product set as well as enable retail investors to access the MarketInvoice platform and gain exposure to this attractive risk-return asset class.
Anil Stocker, Co-Founder and CEO of MarketInvoice: “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.”
Launched in 2011 and based in London, MarketInvoice has helped hundreds of businesses overcome the lengthy payment terms of their customers. In August 2013, the UK government – via the British Business Bank – began lending to UK small businesses through MarketInvoice. This partnership has now seen more than £50m funded to UK small businesses. Overall £475m has been traded across the platform since launch in 2011, with £30m per month currently being raised. Finance is available from as little as £1,000 to £5m and up.
Jeppe Zink, General Partner at Northzone: “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.”