14th July 2014
Businesses have now used MarketInvoice to get funding against £200m of invoices. This year MarketInvoice has increased year-on-year trading by 465% – compared to a 2.1% fall in business lending from banks and other providers.
Founded in 2011, MarketInvoice traded £3 million in its first year, £30 million in its second year, £66 million in its third year, and over £100 million already in 2014.
Businesses turning over as little as £100k and as much as £100m have used MarketInvoice and have come from sectors as diverse as export, app development, aerospace technology, and handmade cakes.
Guy Flintham, CEO and Co-Founder of My Planet Life is using MarketInvoice to ensure long payment terms do not prevent him competing for new business:
“We are still an early revenue stage company, however, our typical order size is quite substantial and therefore the service is very significant for us. The MarketInvoice service and terms are very flexible: this is the ideal cash flow solution for growing start-ups.”
Viv Parry, Managing Director of Exquisite Handmade Cakes is using MarketInvoice to grow her business selling cakes to a variety of big name food outlets:
“We use MarketInvoice to help fund our growth. It’s brilliant, entirely transparent and very supportive – there is obviously a strong client relationship culture in place.”
MarketInvoice founder and CEO Anil Stocker said:
“The businesses we’re helping are some of the most exciting in the UK – young, dynamic, successful companies eager to explore opportunities for growth and not willing to wait weeks on end for the bank manager to catch up with them.
“Our investors have put £200m straight into the real economy through these companies and we plan to help thousands more businesses in the near future.
“Alternative finance is here to stay, the banking crisis has only accelerated an inevitable trend. By dis-intermediating financial services we can help businesses get fast, transparent and flexible funding. Like so many other industries digital technology is changing the landscape of financial services, improving the experience for the end user, and demanding a re-think of all the old norms.”
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About MarketInvoice (http://www.marketinvoice.com)
Businesses use MarketInvoice to selectively sell their invoices to a network of global investors.
It is an online working capital solution, giving businesses immediate access to funds otherwise tied up for between 30 to 120 days.
Launched in 2011, MarketInvoice has helped hundreds of businesses overcome the lengthy payment terms of their large customers. More than £200m has been raised against invoices, with businesses using the funds to hire more staff, launch new products and pay their suppliers.
MarketInvoice is a new type of funding solution, accessible to a wide range of UK businesses. Businesses are able to sell single or multiple invoices online, only as and when they need to. There are no contracts, hidden fees or personal guarantees; new clients can sign up, sell an invoice and draw down funds on the same day.
Invoices are funded by a global pool of investors including high net worth individuals. In August 2013, the UK government began investing in small business invoices via MarketInvoice as part of their Business Finance Partnership scheme. This initiative will see £40m channelled through the platform over a 12 month period.