Business finance company MarketInvoice observed record quarterly demand for invoice finance from UK businesses in Q3 2017. £196.2m worth of invoices were funded in the quarter, of which £74.1m was funded in August alone – a record month for MarketInvoice, providing UK businesses with critical working capital.
“We are proud to be supporting UK businesses, providing timely and effective working capital solutions, as they deliver goods and services here in the UK and abroad. Indeed, it is a privilege to serve these businesses as they blossom and grow, making an impact in local communities and the wider UK economy,” explained MarketInvoice VP Finance & Strategy Nehal Mittal. “Our research from July, found that more than a third (38%) of businesses were anticipating a cash squeeze going into Q3 and Q4 2017, which reflects the significant growth in our funding levels. Business leaders and entrepreneurs, have the peace of mind, that invoice finance can provide a secure, efficient and timely means to remedy matters as they look to scale and develop their businesses.”
“MarketInvoice is proud to be supporting UK businesses, providing timely and effective working capital solutions, as they deliver goods and services here in the UK and abroad…” stated Nehal Mittal.CLICK TO TWEET
The value of invoices funded is up 67% year-on-year from £117.6m (Q3 2016) to £196.2m (Q3 2017) as the business moves closer to reaching the £2b funding milestone. Current cumulative value of invoices funded since 2011 has reached £1.55b, of which £495m has been funded in 2017. The growth has largely been fueled by the MarketInvoice confidential invoice discounting, launched in February 2017. The facility, which offers businesses an open funding line against their outstanding invoices, was the first new service launch by MarketInvoice since it was established in 2011.
“Our new confidential invoice discounting facility, launched in February 2017, has driven much of the increase in our funding amounts, and appeals to businesses that have regular need to access working capital to hire more staff, launch new products, and pay suppliers,” added Mittal.
MarketInvoice’s main strategic ambition is to broaden its reach to be able to support a wider range of businesses, from start-ups to larger businesses looking to scale up. The company aims to help even more companies get paid faster by financing their invoices, so business owners can save time and focus on running their business. Since launching in 2011, MarketInvoice has funded over 70,000 invoices worth £1.5bn through its platform. MarketInvoice helps thousands of businesses every day with their working capital needs, supporting over 18,000 jobs in the UK at these businesses.
In other news, MarketInvoice recently added Julian Cassen as its Senior Business Development Manager. The platform also celebrated a £1.5b funding milestone in September and signed an agreement with Varengold Bank AG to provide £45m funding annually on its invoice finance platform, funding working capital solutions for businesses across the UK.