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.
A new survey by invoice finance fintech MarketInvoice finds 67 percent of UK SMEs said they will run out of...
The UK's MarketInvoice, a working capital lender for businesses, has been gaining significant market traction and is reporting ambitious plans for future business growth; it is estimating total lending of 2 billion British pounds ($2.5 billion) by the end of the year and is planning to offer its service to incumbent banks; the firm has also appointed Zopa's Giles Andrews as its chairman and hired Shaun Alexander as head of risk to improve its risk reporting, integrate more artificial intelligence programming and facilitate greater deal communication with large traditional banks. 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
As non bank lenders continue to gain market share across different loan segments, we wanted to give a complete overview...
MarketInvoice has launched a new product for invoice discounting; MarketInvoice Pro provides an open funding line through new technology that will make invoice financing easier and faster for businesses with an ongoing need for funding; to support the new product growth, MarketInvoice recently received a 7.2 million British pound ($9.04 million) investment from MCI Capital and Northzone Partners; with the launch of MarketInvoice Pro the firm plans to double its lending for 2017 with targeted loan originations of 2 billion British pounds ($2.51 billion). 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
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 construction sector accounts for approximately 16% of invoices financed on the MarketInvoice platform and issues from construction company Elimco UK have uncovered some new potential risks for the sector; Elimco UK has stopped making payments to the platform; in most cases MarketInvoice as the lender would receive preferred rights to the company's payments however in the construction sector set off rights give the customer preference of payment which has caused the construction company to default with MarketInvoice; the total amount of losses reported for MarketInvoice has not been disclosed; the company says its overall loss rate is 2.4% after recoveries; the firm also says it does not have plans for data filtering by industry category since it would lead to cherry picking loans. Source
Anil Stocker and Aman Mehra from MarketInvoice talk with AltFi about how marketplace lenders are revolutionizing the credit underwriting process; specifically noting the speed of approvals from sophisticated credit underwriting models; also the seamless aggregation and decision process which Stocker says is faster and more efficient than banks; the success of the firm's underwriting has helped it to maintain a steady client base and also gain endorsement from the UK's British Business Bank. Source