Barclays and Santander join £56m funding in MarketInvoice
This Series B round also had “significant” participation from European venture fund Northzone, an existing investor in the company.
Technology credit fund Viola Credit, who also participated in the equity round, will provide a debt facility of up to £30 million – taking MarketInvoice’s grand total to £56 million.
Anil Stocker, co-founder and CEO, MarketInvoice, says: “Now more than ever, businesses need access to stable lines of funding as they navigate choppy political and economic conditions. Our invoice finance solutions are designed to bridge the gap in cash flow requirements and keep UK businesses growing and exporting.”
He explains that the firm will use this funding to invest in risk automation and data models, scale-up its business loans solution, and grow its team.
In addition, the company is planning to launch cross-border fintech-bank partnerships to support businesses with access to lending solutions.
Since 2011, MarketInvoice says it has funded invoices and business loans to UK companies worth more than £2 billion.
Back in August 2018, Barclays took a “significant” minority stake in MarketInvoice. Details were not disclosed.