Record-breaking Q2 at MarketInvoice
MarketInvoice, the online business finance company, has registered its best quarter and record month of invoice finance funding since launching in 2011. In surpassing record figures reported in Q1 2017, MarketInvoice funded invoices worth £161.9m in Q2 2017 providing UK business with critical working capital. June 2017 proved to be the company’s busiest ever month funding invoices worth £64.2m.
The value of invoices funded is up 57.2% from £103m (Q2 2016) to £161.9m (Q2 2017), and the current cumulative value of invoices funded stands at £1.34b.
MarketInvoice Pro, the confidential invoice discounting facility, launched in February 2017 and, has in large part, driven the growth. 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.
Anil Stocker, CEO and co-founder of MarketInvoice, said:
“This is a positive achievement for the business and is testament to our customer focused approach and our team members who work hard to create the best experience for businesses and investors using our platform.
“Our new invoice finance facility, MarketInvoice Pro, 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.
“According to recent industry statistics, the use of invoice finance by businesses as a means to cover working capital has increased 14% over the past year to £21.9bn at the end of Q1 2017. MarketInvoice now represents the easiest way for businesses to access this finance whether it is to fund single invoices or set up an invoice finance facility. We’re looking forward to breaking more records in the coming months.”
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.