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MarketFinance Limited (formerly MarketInvoice Limited) is a British business finance lender to UK companies, specialising in invoice finance, loans, and contract finance. Their purpose is to provide working capital solutions to support businesses waiting on long payment terms by advancing funds against their invoices. The company was established in 2011.
|Industry||Business lending, Financial technology|
|Founded||29 July 2010|
|Founder||Anil Stocker, Ilya Kondrashov, Charles Delingpole|
|Headquarters||48-50 Scrutton Street, London EC2A 4XQ|
MarketFinance has provided over £2.5b in invoice finance facilities to the UK companies.
The company was founded by Anil Stocker, Ilya Kondrashov, and Charles Delingpole. Anil Stocker has served as CEO since the company began and Ilya Kondrashov as MD. Giles Andrews was appointed the first Chairman of the company in 2017.
Since launching, MarketFinance provided over £2.5b to UK companies in invoice finance facilities.
In 2019, MarketFinance has raised £45.8m in equity funding from Barclays, Santander InnoVentures, European venture capital fund Northzone (invested in Klarna, iZettle and Trustpilot), private equity group MCI Capital (also invested in iZettle, Azimo and Gett) and Viola Credit.
On November 12, 2019, MarketInvoice announced that they would be renaming to MarketFinance.
MarketFinance's platform enables UK business owners to source funding against invoices on long payment terms. Once registered, they simply upload their invoice(s) to the platform, and this is matched with an investor who provides the funding. This gives businesses instant liquidity and the buyers – a healthy return.
The platform is underpinned by a risk model which analyses data from a variety of sources (such as accounting software, Companies House, credit agencies amongst others) providing a risk assessment and credit score for any given invoice. It is then matched with the investment appetite of the pool of investors, when funding is released to the company seeking funds.
MarketFinance was declared City AM's "Innovation of the Year" winner in 2012, as well as winner of the Chartered Institute of Credit Management's "Commercial Finance Provider of the Year" Award in 2013. MarketFinance was a finalist for the Startups website's "Innovative Business of the Year" competition 2011 and was a finalist for Business Money Magazine's 2012 Alternative Funding Provider of the Year competition. MarketFinance was also a finalist for Credit Today Awards Alternative Lender of the Year 2012. MarketFinance won Best Use of Technology (Creditor) at the 2014 Credit Today Awards. The company was featured in the Smarta Breakthrough 50 as one of the 50 best breakthrough companies in June 2014.
They won Corporate Finance Provider of the Year, in March 2015 at the Business Finance Awards, and an Excellence in Customer Experience award at the Financial Innovation Awards in November 2014.
In August 2013, MarketFinance was awarded £5 million in government funding to lend to small businesses through the Business Finance Partnership. The extension of the scheme, to boost finance through non-bank lenders, was announced by Vince Cable, business secretary. This deal was extended in September 2015 for a further 3 years, taking their total investment in MarketFinance's platform to £10m.
In October 2014 the Greater Manchester Combined Authority committed £16 million per year to invest in local business through the MarketFinance platform.
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