MarketInvoice, a London and Manchester, UK-based fintech business lender, received £56m in financing.
The company raised £26m in Series B equity funding, led by Barclays and fintech fund Santander InnoVentures with participation from existing investor European venture fund Northzone. Technology credit fund Viola Credit, who also participated in the equity round, will provide a debt facility of up to £30m.
The company intends to use the funds:
– to further risk automation and data models,
– to scale its business loans solution,
– to deepen strategic partnerships in the UK,
– to grow the team, and
– to launch cross-border fintech-bank partnerships to support more businesses with access to their lending solutions.
Launched in 2011 by Anil Stocker, CEO, MarketInvoice is a business finance company leveraging an online platform and personal customer service to fund invoices and business loans.
Businesses can choose from a range of working capital solutions, including invoice finance and business loans, and the company delivers funding to do everything from pay suppliers and staff to launch new products and grow.
Since 2011, MarketInvoice has funded invoices and business loans to UK companies worth more than £2 billion, supported thousands of companies across the UK, funding over 170,000 invoices.