P2P financing platform posts record lending
Peer-to-peer online invoice financing platform MarketInvoice facilitated financing worth £54.7mn to UK companies in the first quarter of 2017, its best quarter yet since launching in 2011.
The current cumulative value of invoices funded via the platform since 2011 stands at £1.2bn.
In February, the company launched MarketInvoice Pro, a confidential invoice discounting facility, which has in large part driven the growth, says MarketInvoice in a statement.
“Our tech advantage using innovative artificial intelligence (AI) and machine learning capabilities means we are able to sync information faster and our analysts are able to make better, more qualified decisions quicker for businesses,” says the company’s CEO and co-founder Anil Stocker.
“This achievement mirrors industry trends where asset-based finance is increasingly taking market share from traditional forms of working capital options. Businesses are looking beyond their obvious ‘go-to’ options and realising they can use invoice finance in an effective and meaningful manner.”
MarketInvoice says it hopes to broaden its support to a wider range of businesses, from start-ups to larger businesses looking to scale up.take me back