Sign In
NewsRadar

Search Press
Looking for press releases of a particular company? Enter company name (or keyword) here.

   


MarketInvoice raises £6m ($10m) to broaden product range and take on retail investors


17 August

World’s largest peer-to-peer invoice finance platform is approaching £500m ($780m) total funded since inception, with a current monthly funding rate of £30m ($48m) and growing

Existing shareholders Northzone and the family office of Paul Forster provide funds to back growth plans.

Funds will be used to extend the company’s product range for businesses and enable retail investors to lend on the platform

MarketInvoice has today announced a $10 million investment alongside plans to extend its product range, all aimed at making the company a one-stop destination for working capital finance.

The leading peer-to-peer finance provider will use the funds to broaden its product set including allowing businesses to access funds against licences, contracts, and subscriptions, as well as supplier finance where businesses can get finance to pay suppliers to complete large projects.

Following the Chancellor’s confirmation of an ‘Innovative Finance ISA’ which will allow tax free investing in peer-to-peer finance from April 2016, MarketInvoice is also announcing that it will use the new funds to enable retail investors to access the MarketInvoice platform and gain exposure to this attractive risk-return asset class.

Northzone and Paul Forster, Co-Founder and former CEO of Indeed.com, are backing the investment.

Jeppe Zink, General Partner at Northzone, said:

“We’ve been working with MarketInvoice for nine months and are really excited by what the team is achieving. We’re seeing great metrics around user growth and engagement. 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.”

Paul Forster said:

“MarketInvoice has one of the most robust models in peer-to-peer finance and is growing its user base quickly. They have great plans to broaden their core products on both the borrowing and lending sides of the platform. There’s a lot of innovation yet to come and I’m excited to be part of it.”

Anil Stocker, Co-Founder and 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. 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.”

£475m has been traded across the platform since launch in 2011, with £30m per month currently being raised. Finance is available from as little as £1,000 to £5m and up.

Northzone is a technology investment fund. The partnership has to date raised seven funds and invested in some 100 technology-enabled companies. The current portfolio includes companies such as Spotify, Avito.ru, Trustpilot, WideSpace and SpaceApe. The company has offices in London, Stockholm, Oslo, Copenhagen and New York.

Paul Forster co-founded Indeed.com in 2004 and led the company as CEO through rapid growth to a successful exit. Indeed is a giant of the online job search market and was acquired in 2012 by Recruit Co – one of the world’s largest HR services companies. Under Paul’s stewardship Indeed.com grew from start-up to market leader, with over 1,000 employees and 180 million monthly unique users today.

MarketInvoice is the world’s largest peer-to-peer business lender for short term finance. Businesses can access funds in 24 hours against outstanding invoices, licenses, contracts and subscriptions.

Launched in 2011 and based in London, MarketInvoice has helped hundreds of businesses overcome the lengthy payment terms of their customers. More than £475m has been raised through the platform, with businesses using the funds to hire more staff, launch new products and pay their suppliers.

In August 2013, the UK government – via the British Business Bank – began lending to UK small businesses through MarketInvoice. This partnership has now seen more than £50m funded to UK small businesses.

Follow MarketInvoice on Twitter

For further information, please contact:

Paul Crayston, Head of Communications, MarketInvoice

020 3757 6420 / 07545 378810

p.crayston@marketinvoice.com


Publisher Contact Information:

MarketInvoice
020 3757 6420
p.crayston@marketinvoice.com

Company profile of Northzone Ventures
Past press releases of Northzone Ventures.

Data


23,650
Tech investments
From our Online Data Service
15,274
VC-backed companies
From our Radar


Recent Deals


DATEAMOUNTSECTOR
Dec 10€2.3MSoftware development
Dec 8€8.5MSoftware development
Dec 8€0.7MGames
Dec 8€1.8MBusiness applications
Dec 7€35.0MInternet services
Dec 7€1.7MBusiness applications
Dec 7€10.0ME-Commerce

For information on Europe's most extensive database on technology funding click here!

Events



Press Releases


Aug 17
Komed Health
komed health closes seed financing round

Jul 10
Komed Health
komed health to be supported by nokia and deutsche telekom

May 4
Vivet Therapeutics
vivet therapeutics raises €37.5 million in series a

Apr 5
Fliit
logistik-start-up fliit sammelt 1.5 millionen bei seed-finanzierung...

Jan 24
Spendesk
in addition to online payments, spendesk is now tackling travel exp...





About usContact usLegal Information
Copyright © 1999-2017
Emerging Technology Research Europe Inc. All rights reserved.