MarketInvoice, UK-based Fintech raises $9.4 million Funding

By | August 18, 2015
MarketInvoice


MarketInvoice, a fintech startup has raised $9.4 million in its first round of financing from Nordic venture capital firm Northzone, which also backed Spotify, and Paul Forster, the co-founder of job search engine indeed.com. This financing act as a means to attract retail investors.

marketinvoice

Founded in 2011, MarketInvoice is a London-based peer-to-peer business lender that has lent more than $741 million through its platform without any outside investment . It has been processing an average of $47 million per month started making profit from 2013.



General partner at technology investors Northzone, Jeppe Zink said, “We have been working with MarketInvoice for nine months and are really excited by what the team is achieving. We are seeing great metrics around user growth and engagement.” He also added, “This is a classic example of a tech business disrupting an age-old industry and having a fantastic real world impact on its users based on a fundamentally better service. The opportunity for growth is massive.”

Further to the Chancellor’s confirmation of a ‘Innovative Finance ISA’ which will permit tax-free investing in peer-to-peer finance from April 2016, MarketInvoice is intending to use the fresh funds to allow retail investors to use the MarketInvoice platform and get exposure to this attractive risk-return asset class. The company also has plans to make use of the money to widen its product range that is to allow various businesses to access funds against licenses, contracts and subscriptions and supplier finance where the companies get funding to pay suppliers to finish big projects.



British Government itself is one of the big clients of the company and the coalition administration have opted to lend $78 million to many small-scale businesses since August 2013 through MarketInvoice and British Business Bank.



Anil Stocker, CEO of MarketInvoice said, “Our mission is to become the destination for small businesses looking for working capital finance. This oxygen of funding for UK businesses is a poorly served market and it represents a huge opportunity.” He also added, “We want to offer small businesses easy access to their monthly funding needs and enable investors – from institutions to individuals – to drive small business growth whilst earning a market beating return.”