MARKETINVOICE RAISES £7.2M IN THE FIRST MAJOR FUNDRAISE BY A PEER-TO-PEER LENDER SINCE BREXIT VOTE
- New growth round led by MCI.TechVentures Fund of MCI Capital Group (investors in iZettle, Azimo, Gett, Auctionata), with existing investor Northzone also increasing its investment into the company
- MarketInvoice currently providing over £1.5m per day in cash flow finance to UK businesses, and fast approaching the £1 billion mark of total funding through its platform since launch in 2012
- Funding coincides with the appointment of a Chief Marketing Officer and Director of Sales, and the move into a larger office in Shoreditch, East London
MarketInvoice has today announced a £7.2 million investment led by MCI.TechVentures Fund of MCI Capital, a listed Polish private equity group.
This marks the first major fundraise from a peer-to-peer platform since the Brexit vote, with a European venture backer investing directly into the leading UK fintech company.
MarketInvoice, Europe’s largest peer-to-peer online invoice finance platform, will use the funds to cement its position as the biggest player in the UK, accelerate marketing, and continue developing its products around customer needs.
The platform has already provided £850 million worth of funding to UK businesses, and is set to reach the £1 billion before the end of the year.
As the peer-to-peer sector consolidates, MarketInvoice will now look to broaden its reach by targeting a wider range of businesses, from start-ups to mid-sized corporates. This will ensure even more companies have the ability to get paid faster by financing their invoices, allowing business owners to save time and focus on what’s most important – running their business.
In order to continue its ambitious expansion, MarketInvoice also welcomes two senior hires in key positions, as the 100-strong team moves into a brand new Shoreditch office. Lisa Gervis (formerly of Sequoia-backed Elevate Credit and American Express) has joined as Chief Marketing Officer, with Rupert Thorp (formerly of Experian and Sky IQ) joining as Director of Sales.
Existing investor Northzone, is also increasing its investment in the company. Sylwester Janik of MCI Capital joins the company’s board.