27th October 2014
Agreement to help firms to find alternative finance to support working capital requirements
PwC and MarketInvoice have entered into an agreement to help small businesses across the UK access alternative finance.
PwC is to alert and inform its clients about Market Invoice’s services and MarketInvoice will refer its clients to the PwC My Financepartner team – accountants with particular expertise in helping early to mid-stage firms – where appropriate. The arrangement will include a series of mentoring sessions for business owners, providing advice on finance and growth strategies.
Anil Stocker, CEO and Co-Founder of MarketInvoice, said:
“Through the advice and expertise of PwC, and the fast, innovative working capital funding available through MarketInvoice, small business can accelerate their growth.
“Many accountants are already referring their clients to us. From a business-owner’s per-spective, it can be tricky to navigate the many new innovative products entering the busi-ness finance market. Businesses expect their accountant to be an expert in alternative sources of finance, and the PwC team is demonstrating its forward thinking in tackling this challenge. Over the coming months we expect to be working even more closely with hun-dreds of accountants across the UK.”
Tony Price, PwC partner who leads My Financepartner in the UK, says:
“Many of our client businesses are not aware of the range of alternative finance options available. Often they believe that traditional financing routes offer the only options.
“Businesses are demanding new, flexible and faster options for funding, and also new ways for accessing professional advice. My Financepartner enables PwC to provide a flexible ac-counting service at an affordable rate. Our arrangements with innovative companies like MarketInvoice enable us to get businesses leaders the information and services they need to grow, fast.”
Peer-to-peer lenders are set to lend over £1bn to UK businesses this year, representing a more than 200 percent year-on-year increase. MarketInvoice will account for more than 20 per cent of peer-to-peer business lending this year. Businesses use MarketInvoice to sell their long-dated invoices direct to investors, releasing money up front that would otherwise be tied-up from 30 to 120 days.
PwC has launched My Financepartner, a cloud-enabled accounting service to help small businesses access the expertise and support offered to many of the UK’s leading companies on a flexible basis at an affordable price. The arrangement will enable PwC to help those businesses access working capital finance through MarketInvoice – which is already being used by hundreds of businesses to hire new staff, export to new markets and launch new products.
For further information, please contact:
020 3757 8420
020 7213 1216
About MarketInvoice (http://www.marketinvoice.com)
Businesses use MarketInvoice to selectively sell their invoices to a network of global inves-tors. The online platform is a 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 £270m has been raised through the platform, with businesses using the funds to hire more staff, launch new products and pay their suppliers.
MarketInvoice is a new type of peer-to-peer 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 MarketIn-voice through the British Business Bank. This initiative will see £40m channeled through the platform over a 12 month period.
PwC helps organisations and individuals create the value they’re looking for. We’re a network of firms in 157 countries with more than 195,000 people who are committed to delivering quality in assurance, tax and advisory services. Find out more and tell us what matters to you by visiting us atwww.pwc.com
PwC My Financepartner is an accounting service for companies with ambitions. By working with PwC we can give growing businesses the support, advice and management information they need to grow. The service combines the best of both worlds – the latest data analytics to produce visual management information with a real person to talk through what it means for individual business-es.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.