Member Article

MarketInvoice has secured a £45m partnership with a major European bank

Peer-to-peer (P2P) invoice finance marketplace MarketInvoice has entered into a new strategic partnership with a major European financial institution that will support £45m worth of lending on the platform.

Portuguese bank Banco BNI Europa has committed to provide £45m in annual funding to support businesses across the UK.

The agreement follows a successful trial last year which saw BNI lend £28.3m on the platform and highlights the continued interest from institutional investors in the UK-based alternative lender, which has experienced a 34% increase in institutional investment since the Brexit vote.

The online funding platform, which helps small businesses to release funds from unpaid invoices, has previously agreed partnerships with the likes of West Oxfordshire District Council and the Greater Manchester Combined Authority to facilitate lending to local businesses.

As a result, lending from institutions has actually doubled in the last two years, rising from £96.1m to £176.2m, highlighting the potential of the platform to disseminate financing to small businesses who may have traditionally struggled to lend from bigger banks.

Following this latest instutional tie-up, MarketInvoice Chief Executive, Anil Stocker, said: “Institutions have played a significant role in our growth story and over the past two years have consistently funded almost 60% of the working capital provided to UK businesses via MarketInvoice.

“This new commitment from BNI is further proof of our ability to provide finance to high growth businesses across the country, we’re excited by their support of our mission.”

Pedro Coelho, Executive Chairman of Banco BNI Europa added: “In 2015, we put in place a digital strategy to drive our investments through fintech platforms. This news is testament to how well it has worked for us.”

“We are proactively working with fintech businesses globally that prescribe to our vision of providing low-cost, innovative products with exceptional customer service. MarketInvoice has consistently delivered these values over the years.

“The MarketInvoice Pro service is now a further means to build on our relationship as it provides a longer-term arrangement.”

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