Member Article

UK export boost sees MarketInvoice add FX services to its Pro service

UK FinTech firm MarketInvoice, which provides businesses with financing backed by their unpaid invoices, has launched a new FX function for its pro services amid a boom in British exports.

With a weakened pound driving demand for UK exports, the London-headquartered firm said it had experienced a 35% increase in demand from companies on the platform wanting foreign currency invoice finance, highlighting the increasing number of orders and agreements coming from abroad.

In response to demand, MarketInvoice is now introducing for the ability for businesses to fund their Euro and US Dollar invoices on the platform in exactly the same way they do with their Pound Sterling orders.

The service, which is being rolled out for its Pro customers using its confidential invoice discounting offering, builds on the Dollar and Euro support for MarketInvoice’s Select service where businesses can choose which invoices to seek funding against.

Stephanie Le Geyt, senior product manager, at MarketInvoice, said that larger businesses, who were more likely to utilise its Pro offering, were also more likely to be exporting to international markets particularly in the current economic climate.

She commented: “With exports up almost 30% year on year, businesses are using MarketInvoice to fund their overseas expansion.

“Brexit and a weakened sterling have certainly helped in attracting more businesses, typically exporters, who have used our Select service in seeking funding against invoices.

“We are an innovative and nimble business, we continuously evolve our services to serve customer needs to put them in the best place to achieve their goals.”

MarketInvoice has experienced growing demand for its invoice financing services in recent months with the FinTech firm celebrating its busiest month ever in June as lending topped £161m in Q2 of this year.

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