Investec teams up with MarketInvoice

Investec teams up with MarketInvoice

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Investec, the Anglo-South African lender, is teaming up with UK fintech MarketInvoice, in the first move by a bank to outsource the provision of some of its client-facing banking services to a technology platform.

Under the partnership, MarketInvoice, which manages small-company loans online, will provide digital invoice finance and business loans services for the specialist bank, handling the underwriting and payment processing for its customers. Investec will provide about £50m to fund the invoice finance deals in the first year.

“We believe there is much scope for traditional banks to partner with the latest fintech players, to better service the market” said Anil Stocker, co-founder and chief executive at MarketInvoice. “Open Banking should encourage and empower banks to deliver the highest innovation and service to their customers.”

MarketInvoice is a representative of MCI's fintech portfolio, that includes also global leaders- iZettle, as well as main players in Poland - Dotpay/eCard.

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