Market Invoice, a London, and Manchester, UK-based invoice finance platform, raised $10m in funding.
Northzone led the round with participation from Paul Forster.
The company intends to use the funds to continue to expand its operations.
Led by Anil Stocker, CEO, and Ilya Kondrashov, CFO/COO, Market Invoice allows small businesses to auction their invoices online to a pool of lenders. Launched in 2011, the platform has already funded over £400m already with clients using the finance raised to launch new products, hire more staff and expand internationally.
A global pool of investors fund the invoices on the platform, and as of August 2013 the UK Government began buying invoices as part of the British Business Bank initiative.
MarketInvoice is a member of the Peer-to-Peer Finance Association (P2PFA), the industry association that represents online debt-based alternative finance companies.