London-based fintech startup MarketInvoice is Europe’s largest online invoice finance platform, providing solutions for businesses with immediate cash flow needs. Since it was founded in 2011, the platform has financed invoices and business loans worth more than €2.6 billion. MarketInvoice has supported thousands of companies across the UK, funding over 170,000 invoices and supporting over 15,000 UK jobs by providing businesses with the financing to help them grow, expand operations, and hire more people.
Today, the fintech announced that it has raised €29.4 million in Series B equity funding in a round led by Barclays and Santander InnoVentures, with participation from existing investor Northzone. Viola Credit, who also participated in the equity round, will also provide debt financing of up to €34 million to help MarketInvoice scale its business loans solutions, in addition to their core mission of providing invoice finance solutions.
The funding will enable MarketInvoice to develop more strategic partnerships in the UK, grow its team, and increase awareness of its business finance solutions. The company is also planning to launch cross-border fintech-bank partnerships to support more businesses with access to their lending solutions.
Anil Stocker, Co-founder & 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.”
Manuel Silva Martínez, Managing Partner and Head of Investments at Santander InnoVentures, said: “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.”
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.”
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 the gap in cash flow requirements and keep UK businesses growing and exporting.”