Tuesday 4th March 2014
MarketInvoice, Europe’s first and largest online invoice trading platform, has today joined the Peer-to-Peer Finance Association.
Founded in 2011, MarketInvoice provides UK SME businesses with fast, flexible and hassle free access to working capital. Investors agree to provide working capital to firms by buying invoices that credit worthy firms put up for sale on the platform. More than £130m funds have already been made available to business through MarketInvoice and the UK Government is now using it to help channel funds to SMEs.
Christine Farnish, Independent Chair of the P2PFA said:
“MarketInvoice is a leading p2p player with a great product that is shaking up and improving the UK’s business finance market. We are delighted to welcome them into the P2PFA. We now represent not only 95% of all peer-to-peer lending but a significant part of peer-to-peer invoice finance as well. These two types of alternative finance show huge promise in terms of providing attractive new ways of channeling funds to SME businesses to help boost economic growth.’
Anil Stocker, CEO of MarketInvoice said:
“We’re excited to be joining the Peer-to-Peer Finance Association. The work of this body is key in ensuring that our innovative, disruptive and fast-growing sector has the right foundations to continue thriving. The UK stands at the forefront of global financial technology innovation and to make a meaningful long-term difference to customers all members need to maintain the highest standards of client service, ethics and protection. The Association’s commitment to these principles is clear, and we look forward to contributing to the mission.”
The Peer-to-Peer Finance Association (P2PFA) was established to ensure that the emerging sector maintains the highest standards of conduct to benefit both businesses and consumers. All members must sign-up to the Associations rules and demonstrate high standards of business practice.
About MarketInvoice (www.marketinvoice.com)
Businesses use MarketInvoice to selectively sell their invoices to a network of global investors. The online platform is a working capital solution, giving SMEs immediate access to funds otherwise tied up for between 30 to 120 days. Launched in 2011, MarketInvoice has helped hundreds of businesses overcome the lengthy payment terms of their large customers. More than £130m has been raised through the platform, with SMEs using the funds to hire more staff, launch new products and pay their suppliers.
MarketInvoice is a new type of p2p funding solution, accessible to a wide range of UK SMEs. Businesses are able to sell single invoices online, only as and when they need to. There are no contracts, hidden fees or personal guarantees; new clients can sign up, sell an invoice and draw down funds on the same day.
Invoices are funded by a global pool of investors including high net worth individuals. In August 2013, the UK government began investing in SME invoices via MarketInvoice as part of their Business Finance Partnership scheme. This initiative will see £40m channeled through the platform over a 12 month period.