MarketFinance

  (Redirected from MarketInvoice)

MarketFinance Limited (formerly MarketInvoice Limited[1][2]) 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.

MarketFinance Limited
Formerly
MarketInvoice Limited
Private
IndustryBusiness lending, Financial technology
Founded29 July 2010; 9 years ago (2010-07-29)
FounderAnil Stocker, Ilya Kondrashov, Charles Delingpole
Headquarters48-50 Scrutton Street, London EC2A 4XQ
Websitemarketfinance.com

MarketFinance has provided over £2.5b in invoice finance facilities to the UK companies.[3]

The company achieved an industry-first partnership[4] when Barclays Bank became the first UK high street bank to partner with a fintech company to help their business customers.

FoundersEdit

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.[5]

Anil and Ilya met each other whilst studying, the duo were named ‘FinTech Kings’ in City A.M. in 2014.[6]

HistoryEdit

MarketFinance was incorporated on 29 July 2010 as MarketInvoice.[1] This was during a time when bank lending had dried up for UK businesses.

Since launching, MarketFinance provided over £2.5b to UK companies in invoice finance facilities.

In 2019, MarketFinance has raised £45.8m[7] 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.[8]

On November 12, 2019, MarketInvoice announced that they would be renaming to MarketFinance.[2]


Business modelEdit

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.[9][10]

AwardsEdit

MarketFinance was declared City AM's "Innovation of the Year" winner in 2012,[11] as well as winner of the Chartered Institute of Credit Management's "Commercial Finance Provider of the Year" Award in 2013.[12] MarketFinance was a finalist for the Startups website's "Innovative Business of the Year" competition 2011[13] and was a finalist for Business Money Magazine's 2012 Alternative Funding Provider of the Year competition.[14] MarketFinance was also a finalist for Credit Today Awards Alternative Lender of the Year 2012.[15] MarketFinance won Best Use of Technology (Creditor) at the 2014 Credit Today Awards.[16] The company was featured in the Smarta Breakthrough 50 as one of the 50 best breakthrough companies in June 2014.[17]

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.

PartnersEdit

In August 2013, MarketFinance was awarded £5 million in government funding to lend to small businesses through the Business Finance Partnership.[18] 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.[19]

In October 2014 the Greater Manchester Combined Authority committed £16 million per year to invest in local business through the MarketFinance platform.[20]

ReferencesEdit

  1. ^ a b "MARKETFINANCE LIMITED - Filing history (free information from Companies House)". beta.companieshouse.gov.uk. Retrieved 27 November 2019.
  2. ^ a b "MarketInvoice rebrands as MarketFinance as it launches SME lending up to £250k - AltFi News". AltFi. Retrieved 27 November 2019.
  3. ^ JD Alois (19 March 2018). "UK Fintech MarketInvoice Tops £2 Billion in Online Lending". Crowdfund Insider.
  4. ^ Ryan Weeks (2 August 2018). "MarketInvoice strikes strategic deal with Barclays". AltFi.
  5. ^ Anthony Strzalek (20 March 2017). "Giles Andrews appointed MarketInvoice chairman". FStech.
  6. ^ Harriet Green (13 October 2014). "Fintech kings talk starting from scratch, old clients and handing businesses a lifeline". City AM.
  7. ^ "MarketInvoice Total Funding Amount". ”Crunchbase”. Retrieved 18 October 2019.
  8. ^ James Hurley (22 January 2019). "Money is put on table to help business lender thrive". The Times.
  9. ^ Anil Stocker, James Kirk. "Investors are itching to invest". YourBusinessChannel TV. Retrieved 18 October 2019.
  10. ^ Silicon Roundabout. "Over the next 10 days we catch up with some of Silicon Roundabout's hottest startups; Today it's MarketInvoice!". Silicon Roundabout. Retrieved 18 October 2019.
  11. ^ "City A.M. Awards 2012 - Innovation of the Year Winner Market Invoice". YouTube. 29 July 2011. Retrieved 7 February 2014.
  12. ^ "2013 winners". The ICM British Credit Awards. Archived from the original on 4 February 2014. Retrieved 7 February 2014.
  13. ^ "Innovative Business of the Year, 2011". Startups Magazine. 25 October 2011.
  14. ^ "Best Alternative Funding Provider, 2012". Business MoneyFacts Magazine. 12 December 2011.[permanent dead link]
  15. ^ "Credit Today Awards, 2012". Credit Today. 26 March 2012.
  16. ^ "Credit Today Awards 2014". Credit Today. May 2014. Archived from the original on 18 June 2014. Retrieved 16 June 2014.
  17. ^ "Smarta Breakthrough 50". Smarta. June 2014.[permanent dead link]
  18. ^ "Vince Cable: Business lending to get £30m boost". BBC News. 22 March 2013. Retrieved 7 February 2014.
  19. ^ "British Business Bank makes £5m investment in MarketInvoice". Tech City News. 17 September 2015. Retrieved 21 September 2015.
  20. ^ Amy Andrew (18 November 2014). "Manchester authorities invest 2 million in growing local business". This is Money.

External linksEdit