MarketInvoice, based in the U.K., is adding support for companies that have foreign invoices, reports said Friday (July 14).
The invoice financing company said it is adding euro and U.S. dollar capabilities to its solution, allowing businesses with invoices in these currencies to get financed. The feature is part of MarketInvoice Pro, a service launched earlier this year and allows companies to seek financing against their collective outstanding invoices, as opposed to MarketInvoice Select, which enables customers to choose the particular invoices on which they need financing. Select already had capabilities to support invoices in other currencies, reports noted.
“Larger businesses that are adopting MarketInvoice Pro typically do business abroad, and this functionality will allow them to use their foreign currency invoice in equal measure as they do sterling invoices,” said the company’s Senior Product Manager Stephanie Le Geyt in a statement. “With exports up almost 30 percent year-on-year, businesses are using MarketInvoice to fund their overseas expansion.
“Brexit and a weakened sterling have certainly helped in attractive more businesses, typically exporters, who have used our Select service in seeking funding against invoices,” the executive continued. “We are an innovative and nimble business, we continuously evolve our services to serve customer needs to put them in the best place to achieve their goals.”
According to MarketInvoice, the company has seen a 35 percent increase in the number of businesses using the solution in the last year for foreign currency invoice financing. In addition to faster cash flow, invoice financing on foreign bills can help mitigate against FX volatility, the company noted.
MarketInvoice raised $9.5 million in venture capital last year in a funding round led by MCI Capital in Poland via its MCI.TechVentures Fund. At the time the company said it would use those funds to focus on product development; MarketInvoice Pro was launched several months later.