MarketInvoice, the FinTech, announced on Monday (Jan. 21) that it has raised £26m in new equity funding.
In a press release, MarketInvoice said the Series-B funding round was led by Barclays and FinTech fund Santander InnoVentures. Other participants include European venture fund Northzone, an existing investor in the company. Technology credit fund Viola Credit also participated in the equity round. MarketInvoice said Viola Credit will provide a debt facility of up to £30m to help it scale its MarketInvoice business loans that sit alongside their core invoice finance solutions.
According to MarketInvoice, since launching in 2011, the FinTech has funded invoices and business loans to U.K. companies that are worth more than £2 billion, making it one of Europe’s largest online invoice finance platforms. It said it has supported thousands of companies in the U.K. by funding over 170,000 invoices.
The funding will be used to deepen partnerships in the U.K., boost the number of employees and build awareness about its business finance solutions. The company also plans to launch cross-border FinTech bank partnerships with the funding to support more businesses.
“This investment is perfectly timed for the company. The quality of investors we are bringing in through this funding round is a real testament to the whole team at MarketInvoice and the value we are building," said Anil Stocker, co-founder and chief executive of MarketInvoice. "We’re excited to develop our finance solutions further and become the trusted funding partner for ambitious entrepreneurs. By collaborating with bank partners, we will be reaching many thousands of companies here in the U.K. and abroad to provide them with their business finance needs. We aim to invest in technology, data and strategic partnerships to take MarketInvoice to the next level.”
The executive went on to say that businesses need access to stable lines of funding now more than ever, given the current political environment and economic conditions. Stocker said the finance solutions are designed to bridge the gap in cash flow requirements.
“Collaborating with FinTech companies like MarketInvoice is an integral part of Barclays’ strategy for accelerating growth. This investment demonstrates our commitment to the partnership we announced last summer, which offers hundreds of thousands of our SME clients access to even more innovative forms of finance, boosting cash flow and competition in the market,” said Ian Rand, chief executive of Barclays Business Bank.