MarketInvoice, the invoice financing company, announced Thursday (Aug. 17) that it is providing more than 400,000 smaller businesses (SMBs) with access to its invoice discounting service, which, in the past, was reserved only for larger enterprises.
In a blog post announcing the news, the invoice financing company said that it has inked a strategic alliance with credit management specialists Veritas Commercial Services in which SMBs with a turnover of just £300,000, who adopt their credit control add-on, can use MarketInvoice Pro, which provides an open lending line against all their outstanding invoices.
Prior to this announcement, businesses required a turnover of £1 million for the small business lending service, the company said. “Invoice finance helps to bridge long payments terms and credit control prevents late payment, all with aim of improving a business’ working capital cycle,” said Anil Stocker, CEO and co-founder, at MarketInvoice. “The strategic alliance with Veritas will enable us to support a broader range of businesses across the U.K. We are excited to be helping even more businesses take charge of their cash flow and not let a lack of funding get in the way of the growth.”
The Veritas Commercial Services’ virtual credit control solution is aimed at helping U.K. businesses speed up their working capital cycle and manage their outstanding invoices collection process, which in turn helps them get paid on time. The alliance will also enhance the data available to MarketInvoice’s risk model, allowing smaller businesses access to working capital at better rates, the company said.
“The strategic alliance with MarketInvoice is very exciting. As a result, more small, growing businesses will now be able to benefit from a fully integrated invoice finance facility and credit management service that puts them firmly in control,” said Jenny Oldfield, CEO at Veritas Commercial Services, in the same blog post. “The powerful combination of technology and talent from both our organizations brings tangible advantages to SMEs, harnessing cutting-edge cloud solutions and deep expertise to drive improved cash flow and working capital. This, in turn, accelerates the flow of liquidity into the U.K. economy.”