MarketInvoice, a UK peer-to-peer online invoice marketplace, and Banco BNI Europa (BNI), have announced a collaboration that will make £45 million in funding available to UK SMEs that will be put towards backing working capital solutions.
The announcement comes after a successful trial investment of £28.3 million in 2016, prompting BNI to continue providing funding annually through the platform.
The announcement comes after a successful trial investment of £28.3 million in 2016, prompting BNI to continue providing funding annually through the platform. Pedro Coelho, Executive Chairman of BNI said of the agreement that: ‘It is inevitable that banks will work more collaboratively with fintech businesses. I am a firm believer of this and see much scope in the industry.’
MarketInvoice has had a successful run to date, having funded over 70,000 invoices worth more than £1.2bn. At the same time, funds offered by institutional investors to UK SMEs via MarketInvoice have increased from £96.1m to £176.2m over the last three years, with this growth driven by international institutions. The spike in investment has been attributed to the release of MarketInvoicePro, a confidential invoice discounting facility launched earlier this year that offers SMEs a funding line against their outstanding invoices, which has so far proven popular with UK SMEs.