UK peer-to-peer (P2P) lender MarketInvoice has raised £7.2mn in a funding round led by Polish MCI.TechVentures Fund, a sub-fund of MCI Capital. Scandinavian investor Northzone also participated in the financing, increasing its investment in the company.

The successful completion of the international funding round indicates a continuing interest in the UK fintech scene, despite the recent vote for Brexit. “Following the result of the UK referendum, many might perceive investing in fintech as a risk. With MarketInvoice, it’s actually the opposite,” says Sylwester Janik, senior partner at MCI Capital, who joins MarketInvoice’s board. “We see an economic slowdown and a distracted banking sector as a potential opportunity to fuel growth of the platform,” he adds.

MarketInvoice’s co-founder and CEO Anil Stocker agrees that these volatile times represent an opportunity for the alternative lending sector. “Recent intervention by the Bank of England suggests we might see significant reductions in bank lending,” he says. “As in the aftermath of 2008, peer-to-peer lenders can once again step in to provide that funding when the banks move slowly. In every period of turmoil there exists huge opportunity – we believe our model will mature through this cycle, and prove we are here to stay.”

MarketInvoice is one of Europe’s largest P2P online invoice finance platform, currently providing over £1.5mn per day in cashflow finance to UK businesses. Since its launch in 2012, it has served over 1,000 businesses, raising more than £850mn.

The company intends to use the funds to further strengthen its position as the biggest player in the UK, targeting a wider range of businesses, from start-ups to mid-sized corporates and eventually expanding internationally, too. “Given the international expertise of MCI’s team, they will also support us in our long-term goal of international expansion, increasing our reach to business owners and investors across Europe,” says Stocker.

To continue its expansion, MarketInvoice also made two senior hires. Lisa Gervis has been appointed chief marketing officer, while Rupert Thorp has been hired as director of sales.