UK-based business finance company MarketInvoice has partnered with insurer Euler Hermes to provide credit insurance policies to its customer base.
“Considering recent events surrounding Carillion and House of Fraser, this partnership announcement will safeguard thousands of businesses that use our working capital solutions to navigate current uncertain times,” says a spokesperson for MarketInvoice, which offers working capital solutions, including invoice finance, on its online platform.
Customers who apply for an invoice finance facility from MarketInvoice now have the option to add on insurance from Euler Hermes at preferential rates to cover debtor defaults.
Additionally, a new ‘risk prevention tool’ that monitors a company’s financials will allow MarketInvoice customers a forward view on their debtors, a feature that will help them to make better trade-related decisions.
It’s the first time that MarketInvoice has partnered with a credit insurer, a move that has been driven by the UK’s decision to leave the EU, explains Ilya Kondrashov, COO and co-founder of MarketInvoice. “The underlying aim of this partnership is to enable companies of all sizes to trade with confidence at home or abroad. As Brexit dawns, this partnership arrangement will provide our customers the confidence to expand sales to new buyers and markets,” she says.
“We live in uncertain times,” adds Milo Bogaerts, CEO of Euler Hermes UK and Ireland. “Trade, investment and consumer spending are driven by confidence, and uncertainty is the enemy of confidence. Businesses leaders need to plan ahead for how future risks like Brexit might impact them and their supply chains. Plus recent high-profile corporate failures reinforce the need to be increasingly aware of the risks of late or non-payment for goods and services provided on credit. This is why MarketInvoice is our partner of choice to help businesses trade with confidence.”