Banco BNI Europa will provide $58 million in financing a year to small- and medium-sized enterprises on the MarketInvoice platform.
Reports Monday (May 15) said Banco BNI struck the deal with the U.K. alternative lender after its trial investment in 2016.
“We are proactively working with FinTech businesses globally that prescribe to our vision of providing low-cost, innovative products with exceptional customer service,” said Banco BNI Europa Executive Chairman Pedro Coelho in a statement. “MarketInvoice has consistently delivered these values over the years. The MarketInvoice Pro service is now a further means to build on our relationship, as it provides a longer-term arrangement”
“It is inevitable that banks will work more collaboratively with FinTech businesses,” the executive continued. “I am [a] firm believer of this and see much scope in the industry.”
According to the announcement, MarketInvoice has facilitated the financing of more than 70,000 invoices totaling $1.55 billion. The company said Brexit has boosted business, with global institutional investments in the platform jumping by 34 percent, compared to U.K. investor activity.
“Overall, sums advanced to U.K. businesses from institutional investors via MarketInvoice have almost doubled over the last three years,” the company added.
“Institutions have played a significant role in our growth story and over the past two years have consistently funded almost 60 percent of the working capital provided to U.K. businesses via MarketInvoice,” said the platform’s CEO and Co-Founder Anil Stocker in another statement. “This new commitment from BNI is further proof of our ability to provide finance to high-growth businesses across the country. We’re excited by their support of our mission.”
Last year, MarketInvoice raised $9.55 million in funding, led by MCI Capital via its MCI.TechVentures fund.