Brocker.Org: Fintech lender MarketInvoice gets a boost as Portuguese bank puts £45 million on its platform

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MarketInvoice
co-founders Anil Stocker, left and Ilya
Kondrashov.

MarketInvoice

LONDON — Portuguese bank BNI Europa has agreed to lend £45
million ($57.87 million) over MarketInvoice, a UK peer-to-peer
lender for small businesses.

MarketInvoice announced on Monday that BNI had committed the
capital following a trial last year with £28.3 million.

MarketInvoice’s online platform allows small businesses to access
invoice financing, which is where companies use unpaid invoices
as security for borrowing against. Lending is funded by high-net
worths and institutional investors who are registered with
MarketInvoice.

Pedro Coelho, BNI Europa’s executive chairman, says in a release
announcing the deal: “We are proactively working with fintech
businesses globally that prescribe to our vision of providing
low-cost, innovative products with exceptional customer service.
MarketInvoice has consistently delivered these values over the
years.”

MarketInvoice
recently launched a new product, Pro
, that allows small
businesses to access a rolling credit line and Coelho namechecks
this as a reason BNI signed on. He says: “The MarketInvoice Pro
service is now a further means to build on our relationship as it
provides a longer-term arrangement.

“It is inevitable that banks will work more collaboratively with
fintech businesses. I am firm believer of this and see much scope
in the industry.”

MarketInvoice has funded more than 70,000 invoices since launch
in 2011, lending £1.2 billion over its platform. CEO and
cofounder Anil Stocker
told Business Insider in February that it hopes to lend £900
million this year.

Stocker says in a release on Monday announcing the BNI deal:
“Institutions have played a significant role in our growth story
and over the past two years have consistently funded almost 60%
of the working capital provided to UK businesses via
MarketInvoice.

“This new commitment from BNI is further proof of our ability to
provide finance to high growth businesses across the country,
we’re excited by their support of our mission.”

BNI Europa was launched in 2014 and is Portugal’s fastest growing
digital-only bank.

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