MarketInvoice delivers record breaking £10 million month
MarketInvoice, the UK and Europe’s first online platform allowing SMEs to unlock funding by selling their invoices has today announced that October was the first month in which it saw more than £10m traded.
Since the start of the year, the company has seen the total value of invoices financed grow by an average rate of 20% month-on-month. Since launch in February 2011, hundreds of small and medium sized businesses have accessed over £85 million in working capital via MarketInvoice.
Customers are located all over the UK and range from cupcake makers and marketing agencies, to software developers and suppliers of niche industrial parts. The largest single invoice to be sold through MarketInvoice in October was £1m, with just a few minutes all it taking for the platform’s pool of global investors to snap it up.
Anil Stocker, founder of MarketInvoice said:
“Every day we talk to young and ambitious British SMEs who despite tough conditions are straining at the leash to grow.
“The companies we are supporting are the lifeblood of our economy and will be the drivers of its recovery and we’re therefore proud to be offering of a new solution to the ongoing funding problems that they face.
“We still have much to do but our first £10m month is testament to the quality of our risk processing technology, the desire amongst our investors to back UK SMEs and the speed and certainty of funding that we are offering those selling invoices through us.”
MarketInvoice customer, Viv Parry of Exquisite Handmade Cakes said:
“The experience of selling our invoices and accessing funding through MarketInvoice is a million miles away from what we’re used to. As a business owner it’s hugely refreshing to have access to a funding solution that is fast, transparent and is one that I’m in total control of.
“They’ve been a great support in helping us grow quickly over the last few months and it’s therefore very nice to see them doing the same.”
Earlier this year, MarketInvoice announced that as part of the Government’s Business Finance Partnership, the Department for Business Innovation and Skills (‘BIS’) had committed an initial £5m to channel to UK SMEs using MarketInvoice. With funds on MarketInvoice recycled every 45 days, this £5m commitment will equate to approximately £40m in investment to SMEs over the next year.