MarketInvoice, having funded more than £250mn worth of invoices on its platform, is to expand its offering into Europe and launch new short-term products.
Commenting on the lending milestone, Anil Stocker, co-founder and CEO of the invoice finance provider, told guests and GTR at a reception this week: “We’re thrilled to have reached over a quarter of a billion pounds of invoices traded. In the last 12 months we’ve grown our lending by 400% and we’ve tripled our revenue since last year. So of the £250mn that we’ve done since inception, £150mn was done this year alone.”
Earlier this year, MarketInvoice moved to new offices in Holborn and in the last six months has doubled the office space. In the mid-year it opened an office in Manchester to help reach more businesses in the North and the Northeast. However, the invoice finance provider is now set to expand overseas. Stocker reveals: “We’re expanding to new locations in the UK and in Europe.”
“When you’re in the fintech industry it’s vital to never stand still,” Stocker adds. Over the coming months and moving into next year, he says the firm is “looking at new ideas and other short-term financing products that will allow us to push more working capital for businesses”.
In July 2014, MarketInvoice entered into a partnership with Xero, an e-accountancy software company, as “many companies are migrating to the cloud and we want to be a part of that”, says Stocker.
On the investor side, MarketInvoice will soon be reaching out to retail investors, opening up its product to pension funds, asset managers and to listed peer-to-peer specialist funds. “All these investors are very excited about providing finance directly to businesses, cutting out the banks and going straight to the source,” says Stocker.
UK shadow business secretary Chuka Umunna, said to guests and GTR: “We all know the scandal that is the proliferation of late payments to our businesses in this country, it is a national disgrace because people don’t pay them on time. MarketInvoice helps them through that and assists them with cash flow.”
Over the next few weeks, the company is set to announce several more partnerships with other software providers, major public bodies and big corporates.