Business finance company MarketInvoice observed record quarterly demand from UK businesses for invoice finance 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.
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 £500.4m has been funded in 2017 alone.
The growth has largely been fuelled by the MarketInvoice confidential invoice discounting service, 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.
Neha Mittal, VP Finance & Strategy at MarketInvoice commented: “We are proud to be supporting UK businesses as they deliver goods and services here in the UK and abroad. Our research1 from July 2017, 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.
“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.”
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.