MarketInvoice to bolster UK economy by supporting larger businesses as it increases credit facilities
- MarketInvoice creates Corporate Solutions team to support larger businesses with turnover between £5m and £50m
- Corporate Solutions to provide larger credit facilities for invoice finance, business loans and contract finance
- Team to support businesses left in a void between business banking and corporate banking
Business finance company MarketInvoice, has launched a new specialist team to provide finance facilities for Britain’s larger businesses. Having provided over £2.6bn in invoice finance and business loans since 2011 to UK SMEs, MarketInvoice is now turning its attention to the larger businesses (turnover up to £50m), estimated to be a £13bn finance market, with the launch of their Corporate Solutions offering.
These larger businesses will be able to secure a credit facility of up to £5m (based on their revenue) and up to £500,000 as a business loan (flexible term, up to three years) from MarketInvoice. These limits will increase steadily over the next 12 months. MarketInvoice has built a track-record with larger businesses over the last two years, having provided over £550m to a range of businesses in the telecoms, engineering, consulting, energy and technology sectors. This demand came from businesses who were too big to be served by traditional business banking services but not large enough for corporate banking facilities.
Craig Flyger, corporate solutions director at MarketInvoice, commented: “We’re delighted to be able to serve larger businesses with their finance needs. These are high-growth companies forging new ground by transforming their industry, growing internationally and driving UK GDP. We want to power and propel their growth. Our team has the necessary experience and resources to structure larger facilities tailored to the needs of these businesses very quickly.”
Since 2011, MarketInvoice has provided over £2.6b in business finance to thousands of companies across the UK. These are predominantly businesses waiting on long payment terms who are seeking finance to support their growth. Corporate Solutions will help support larger businesses more comprehensively and get them the finance they need.
Marvin Patel, managing director at growing business Infinity Energy, which is expected to double revenue from £11.1m in 2014 to £20m this year, commented: “We chose MarketInvoice as a finance partner in our early days to tackle long payment terms. As we’ve grown, we’ve needed larger credit limits. Now that we’re taking on bigger projects with more complex contracts, we needed a larger finance facility. It’s great to continue our relationship with MarketInvoice”.
Craig Flyger added: “We’ve launched Corporate Solutions to serve the needs of the companies who are currently falling into a no-man’s land between business banking and corporate banking. We estimate that the annual lending opportunity to these companies, who are grossly underserved and ignored by traditional business lenders, is worth £13bn. Our solid track record in providing greater access to finance and responsible lending decisions is not only testament to our robust platform and credit risk model, but also to the trust business owners have placed in us as their financial partner”.
MarketInvoice’s main strategic ambition is to broaden its reach to be able to support a wide range of businesses looking to scale up. The company aims to help even more businesses get paid faster by financing their invoices, so owners can save time and focus on running successful operations.