London FinTech MarketInvoice has secured £56 million in new funding to drive partnerships with banks and expand its presence in the UK market.
A Series B equity funding round of £26m was led by Barclays and Fintech Fund Santander InnoVentures with significant participation from European venture fund Northzone, an existing investor in the company.
Technology credit fund Viola Credit, who also participated in the equity round, will provide a debt facility of up to £30m to help scale the MarketInvoice business loans solution which sits alongside its core invoice finance solutions.
“This investment is perfectly timed for the company. The quality of investors we are bringing in through this funding round is a real testament to the whole team at MarketInvoice and the value we are building,” said co-founder and CEO Anil Stocker.
“We’re excited to develop our finance solutions further and become the trusted funding partner for ambitious entrepreneurs.
“By collaborating with bank partners, we will be reaching many thousands of companies here in the UK and abroad to provide them with their business finance needs.
“We aim to invest in technology, data and strategic partnerships, to take MarketInvoice to the next level.”
Since 2011, MarketInvoice has funded invoices and business loans to UK companies worth more than £2 billion, making it Europe’s largest online invoice finance platform.
The company has supported thousands of companies across the UK, funding over 170,000 invoices and supporting over 15,000 UK jobs, by providing business finance to help them grow, expand operations and hire more people.
The funding will enable MarketInvoice to deepen strategic partnerships in the UK, grow the team and increase awareness of its business finance solutions.
In addition, the company is planning to launch cross-border FinTech-bank partnerships to support more businesses with access to their lending solutions.
Manuel Silva Martínez, managing partner and head of investments at Santander InnoVentures, commented: “MarketInvoice is helping UK businesses access much needed funding to keep their businesses and ideas thriving in a very competitive market.
“We are pleased to be joining other financial institutions as shareholders to scale their solutions in the UK and abroad.
“We are very excited to join Anil and his exceptional team in building this vision together.”
Ian Rand, CEO of Barclays Business Bank, said: “Collaborating with FinTech companies like MarketInvoice is an integral part of Barclays’ strategy for accelerating growth.
“This investment demonstrates our commitment to the partnership we announced last summer which offers hundreds of thousands of our SME clients access to even more innovative forms of finance, boosting cash flow and competition in the market.”