MarketInvoice, a London and Manchester, UK-based peer-to-peer online invoice finance platform, raised £7.2m in funding.
The round was led by MCI.TechVentures Fund of MCI Capital, a listed Polish private equity group, with participation from existing investor Northzone. In conjunction with the funding, Sylwester Janik, Senior Partner at MCI Capital, joined MarketInvoice’s board.
The company intends to use the funds to consolidate its position in the UK, accelerate marketing, and continue developing its products.
Launched in 2011 by Anil Stocker, CEO, and newly appointed Chief Marketing Officer Lisa Gervis (formerly of Sequoia-backed Elevate Credit and American Express) and Director of Sales Rupert Thorp (formerly of Experian and Sky IQ), MarketInvoice is a peer-to-peer invoice finance platform that allows SMEs to get paid in 24 hours by financing their invoices at competitive rates. To date, more than £850m has been raised through the platform, with businesses using the funds to hire more staff, launch new products and pay their suppliers. In August 2013, the UK Government – via the British Business Bank – began lending to UK small businesses through MarketInvoice with more than £50m funded via the platform.
Now, as the peer-to-peer sector consolidates, the company will try to broaden its reach by targeting a wider range of businesses, from startups to mid-sized corporates.