MarketInvoice, a UK-based invoice finance platform, has launched a new team to support larger businesses as it expands its focus from SMEs to their bigger peers.
The corporate solutions team will be led by Craig Flyger (pictured), who has taken on the newly-created role of corporate solutions director. Prior to this, he was the company’s senior partnerships manager. His previous experience includes eight years at ANZ.
Joining him in the new team are Tom Logan and Tom Lamb, both also internal promotions.
“We’ve launched corporate solutions to serve the needs of the companies who are currently falling into a no-man’s land between business banking and corporate banking,” says Flyger. “We estimate that the annual lending opportunity to these companies, who are grossly underserved and ignored by traditional business lenders, is worth £13bn.”
MarketInvoice’s platform allows SMEs to upload their invoices and sell them to investors, thus unlocking cash during the invoice’s payment period, which can often be up to 120 days. The new offering will see the firm provide invoice finance, business loans and contract finance to companies with a turnover between £5mn and £50mn. These larger businesses will be able to secure a credit facility of up to £5mn, with the company saying that it expects to increase limits over the next 12 months.