A new survey by invoice finance fintech MarketInvoice finds 67 percent of UK SMEs said they will run out of...
MarketInvoice inked another bank deal with Varengold Bank AG for £45mn ($60mn) in debt funding; according to AltFi MarketInvoice's capacity to take on institutional money has increased four fold since 2014; MarketInvoice have funded over 70,000 invoices and lent out over £1.5bn ($2bn). Source.
Veritas is a specialist in commercial credit management services; through the partnership, MarketInvoice will be available to customers using the firm's VeritasVirtual platform; clients use this platform to monitor the status of outstanding payments and will now be able to obtain access to the MarketInvoice Pro credit line through the VeritasVirtual platform. Source
UK invoice financing platform MarketInvoice reported a record day of transactions this week; the platform transacted GBP4.1 million ($5.38 million) in invoice advances to UK businesses; the firm's MarketInvoice Pro product has been a factor supporting increased lending volumes on the platform with the new product offering an open funding line for businesses. Source
The company passed £1bn in 2016 after 5 years and booked another £1bn in just 14 months; part of their success in increasing originations has been due to two new products, confidential invoice discounting and business loans; their larger institutional investor base has also allowed them to fund larger businesses with bigger funding requirements; in 2017 the firm lent £714.2m to businesses. Source
AltFi reports on the new deal where Varengold Bank AG will provide £45m annually to the platform; Varengold is a German private bank which was granted a commercial banking license in 2013; MarketInvoice recently signed a similar partnership with Banco BNI Europa earlier this year. Source
In a LinkedIn post, Sukhwinder Shoker provides insight into MarketInvoice's loan book which the company shares publicly; analysis includes data on originations and advance rates, invoice terms, risk-price grade, gross discount rates, diversification and net returns; according to Shoker's analysis, the average monthly net return achieved since January 2012 by investors before fees and tax is 50 basis points. Source
The UK's MarketInvoice has reported record originations of 130 million British pounds ($161 million) for the first quarter of 2017; originations increased by 160% from the comparable quarter giving the firm cumulative originations of 1.2 billion British pounds ($1.5 billion); origination growth for the firm has been helped by a new product called MarketInvoice Pro which provides businesses an open funding line for their invoice borrowing. Source