Reports Thursday (Feb. 8) said the U.K. lender is now offering its small business (SMB) borrowers credit insurance policies provided by Euler Hermes to protect themselves against the risk of non-payment of an invoice should their customer become insolvent or fail to pay. MarketInvoice said it is also integrating a risk mitigation solution that analyzes financial data to help businesses make better decisions about customers with which they choose to trade.
“The underlying aim of this partnership is to enable companies of all sizes to trade with confidence at home or abroad,” said MarketInvoice COO and Co-Founder Ilya Kondrashov in a statement. “This is the joint mission of our businesses, and we aim to deliver this for our customers. As Brexit dawns, this partnership arrangement will provide our customers the confidence to expand sales to new buyers and markets.”
“We live in uncertain times,” added Euler Hermes U.K. and Ireland CEO Milo Bogaerts in another statement. “Trade, investment and consumer spending are driven by confidence, and uncertainty is the enemy of confidence.”
“Business leaders need to plan ahead for how future risks like Brexit might impact them and their supply chains,” he continued. “Recent high-profile corporate failures reinforce the need to be increasingly aware of the risks of late or non-payment for goods and services provided on credit.”
Last year, Euler Hermes announced a collaboration with Analytics-as-a-Service firm Flowcast to integrate artificial intelligence into its own trade credit risk analysis and insurance solution.
More recently, MarketInvoice struck another partnership with Investec. That deal, announced last December, sees MarketInvoice underwriting SMB loans provided by Investec. At the time, MarketInvoice Co-Founder and Chief Executive Officer Anil Stocker said in an interview with Bloomberg that the company believes market shifts from Open Banking have the potential to be greater than those of Brexit.