MarketInvoice shrugs off Brexit fears

MarketInvoice shrugs off Brexit fears

One of the UK’s leading fintech start-ups, which allows businesses to sell their unpaid invoices to provide working capital, has shrugged off Brexit fears after raising £7.2m from its latest funding round.

MarketInvoice has raised £7.2m in investment led by MCI.TechVentures Fund of MCI Capital, a listed Polish private equity group.

The deal marks the first major fundraise from a peer-to-peer platform since the Brexit vote, with a European venture backer investing directly into the leading UK fintech company.

MarketInvoice will use the funds to cement its position as one of the biggest players in the UK, accelerate marketing, and continue developing its products around customer needs.

The platform has already provided £850m worth of funding to UK businesses, and is set to reach the £1bn mark before the end of the year.

Anil Stocker, co-founder and CEO of MarketInvoice, said: “We’re pleased to bring on a new European investor in MCI Capital to further fuel our growth, demonstrating there is still real appetite for investment in UK fintech. ”

He added: “In the wake of Brexit, we think the coming months present a big opportunity for MarketInvoice.

“Recent intervention by the Bank of England suggests we might see significant reductions in bank lending.

“As in the aftermath of 2008, peer-to-peer lenders can once again step in to provide that funding when the banks move slowly.

“In every period of turmoil there exists huge opportunity - we believe our model will mature through this cycle, and prove we are here to stay.” 

As the peer-to-peer sector consolidates, MarketInvoice will now look to broaden its reach by targeting a wider range of businesses, from start-ups to mid-sized corporates.

In order to continue its ambitious expansion, MarketInvoice also welcomes two senior hires in key positions, as the 100-strong team moves into a brand new Shoreditch office.

Lisa Gervis (formerly of Sequoia-backed Elevate Credit and American Express) has joined as chief marketing officer, with Rupert Thorp (formerly of Experian and Sky IQ) joining as director of sales.