MarketInvoice, a London-based fintech company, has raised £26m in a Series B funding round led by British banking major Barclays and fintech fund Santander InnoVentures.
Northzone, an existing shareholder, also took part in the Series B round of MarketInvoice, which is an online invoice finance platform.
Technology credit fund Viola Credit, which also took part in the fundraising round, will offer a funding line of £30m to the fintech company.
The debt facility from Viola is expected to help the invoice finance platform unlock larger sources of capital to enable it to finance more firms on its platform.
MarketInvoice is engaged in helping entrepreneurs get funding through its invoice finance and business loans. In August 2018, the company got an undisclosed equity investment from Barclays.
MarketInvoice’s Anil Stocker in the company blog wrote: “This is a great milestone for our company and testament to a great deal of hard work from the whole MarketInvoice team. Since our launch in 2011, we’ve been working with entrepreneurs across the country to understand their industries and the opportunities for growth.
“We’ve built our lending solutions around their needs and earned their trust. Now, having financed over £2 billion through our platform, we’re excited to scale to the next level.”
MarketInvoice’s smart technology is claimed to help in automating the laborious work flow associated with establishing finance facilities for small businesses.
The fintech company through the integrating of its products, claims that banks can get money to their SME clients faster than by trying to create everything themselves.
Since its founding, the fintech company is said to have completed thousands of transactions. The company said that by compiling data sources over the last few years, it has become increasingly confident about its risk model and lending engine being robust and scalable.
The invoice finance platform through the new capital aims to continue building out its products and helping its customers from application through funds in their account.
It also plans to execute on important strategic partnerships that will help build awareness about its solutions to many more businesses, and also unlock richer data sources to boost its risk model and pricing.