News Article

Bank Lending

PwC and MarketInvoice to help fast growth ambitious businesses

By CreditMan Monday, October 27, 2014

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 MarketInvoice’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 perspective, it can be tricky to navigate the many new innovative products entering the business 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 hundreds 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 accounting 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.