Credit, collections & insolvency news
MarketInvoice, the peer-to-peer online invoice finance marketplace, observed its best quarter and record month (March) of invoice finance funding since starting in 2011. Invoices worth £54.7m were funded from UK businesses last month, providing them with critical working capital.Q1 2017 has proved to be a record period for MarketInvoice as it scales towards its goal of providing funding against £2b of invoices. The value of invoices funded is up 160% from £81.1m (Q1 2016) to £129.6m (Q1 2017), and the current cumulative value of invoices funded stands at £1.2b.
Anil Stocker, CEO and co-founder of MarketInvoice commented: “This achievement is testament to our customer focused approach and the talented team members who work tirelessly to secure the right funding options and risk assessments for businesses and investors alike on our platform. Our tech advantage using innovative AI and Machine Learning capabilities means we are able to sync information faster and our analysts are able to make better, more qualified decisions quicker for businesses”.
“This achievement mirrors industry trends where asset-based finance is increasingly taking market share from traditional forms of working capital options. Businesses are looking beyond their obvious ‘go-to’ options and realising they can use invoice finance in an effective and meaningful manner.”