MarketInvoice, a UK-based fintech scaleup, has raised £26 million in Series B equity funding in a round led by Barclays and Santander's fintech fund, Santander InnoVentures, with significant participation from existing investors Northzone. The round takes its total funding to £45.8 million.
Additionally, the company has raised £30 million in debt funding from technology credit provider Viola Credit, which will help MarketInvoice scale its business loans solution, alongside its core finance business.
MarketInvoice, which has offices in London and Manchester, provides funding options for companies in need of cash. It can either offer 'invoice funding' to secure payment of debts, or business loans in as little as two days, with multiple related options to suit many types of businesses.
The company was founded in 2010 by: Anil Stocker, a former private equity investor; Ilya Kondrashov, formerly an analyst at Goldman Sachs; and Charles Delingpole, who left the company in 2014 to found ComplyAdvantage in New York City. Since the company's formation, it has provided funding in more than 170,000 instances and has provided a total of £2 billion worth of funding, supporting 15,000 UK jobs and becoming the UK's largest online 'invoice funding' provider in the process.
The company has provided funding worth £2 billion since its formation in 2010. (Image: Rawpixel, Unsplash)
CEO Stocker commented: "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."
He added: "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 UK 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."
— Phil Oakley, Site Editor, TechX365