Invoice funding platform MarketInvoice raises $ 33.5 million from Barclays, Santander – TechCrunch
London, with its huge FinTech hub, continues to attract investment and this is not better represented today than with the announcement that MarketInvoice, arguably the largest online invoice financing platform in Europe, raised Â£ 26million ($ 33.5million) in a Series B funding round led by Barclays and fintech fund Santander InnoVentures, alongside participation from European VC Northzone, who previously invested. In August last year, Barlcays took a minority stake in the company and rolled out the service to its large SME clientele.
The Viola Credit technology lending fund, which also participated, will further provide a credit facility of up to Â£ 30million to help evolve the MarketInvoice business lending solution which is part of its core loan solutions. financing invoices.
The funding will be used to deepen MarketInvoice’s UK market and launch what he called âcross-border fintech-bank partnershipsâ which it would be reasonable to conclude would include expansion into new markets.
Established in 2011, MarketInvoice has funded commercial invoices and loans to UK businesses worth over Â£ 2 billion, and they claim to be Europe’s largest online invoice financing platform.
Anil Stocker, co-founder and CEO told me: âFor us, strategic partnerships, especially those where we can use new sources of data, are becoming more and more important. Our mission is to help as many entrepreneurs as possible to access financeâ¦ Barclays realizes that this is a good way to improve its offer to SMEs and to get more loans to help these businesses. For us, by working with Barclays’ network and market presence, we are able to educate more companies on our financing solutions, which would take much longer if we had to do it on our own.
Ian Rand, CEO of Barclays Business Bank, said: âThis investment demonstrates our commitment to the partnership we announced last summer, which provides hundreds of thousands of our SME clients with access to even more forms of financing. innovative, increasing cash flow and competition in the market. . Manuel Silva MartÃnez, Managing Partner and Head of Investments at Santander InnoVentures, said: âMarketInvoice helps UK businesses access the funding they need to keep their businesses and ideas thriving in a highly competitive market.