Business finance company MarketInvoice has signed an agreement with Varengold Bank AG to provide £45m funding annually on its invoice finance platform. This will fund working capital solutions for businesses across the UK.
Overall, sums advanced to UK businesses from institutional investors via MarketInvoice have increased more than 4-fold since 2014 from £27.8m to £116.3m in 2017. Cumulative funding from institutions stands at £296.2m which represents a quarter (26%) of the total funds advanced to UK businesses.
Overall, sums advanced to UK businesses from institutional investors via MarketInvoice have increased more than 4-fold since 2014 from £27.8m to £116.3m in 2017. Cumulative funding from institutions stands at £296.2m which represents a quarter (26%) of the total funds advanced to UK businesses.
We have been looking at the fintech sector for some time. MarketInvoice and its peer-to-peer invoice finance platform presented a fitting opportunity for us. In particular, we were attracted by their products, approach to risk management and ambition for growth.
Dan Walker, Head of London Office, of Varengold Bank AG
The recent increase in interest from global institutions and rise in funding levels has come since the launch of MarketInvoice Pro and mirrors the up-take of the product by UK businesses.
[source:https://www.finextra.com/pressarticle/70774/marketinvoice-inks-deal-with-germanys-varengold-bank]
[source:https://www.finextra.com/pressarticle/70774/marketinvoice-inks-deal-with-germanys-varengold-bank]
