MarketFinance

MarketFinance Limited (formerly MarketInvoice Limited[1][2] ) is a British business finance lender, specialising in invoice finance, business loans and corporate finance solutions. MarketFinance was the first company to allow businesses to borrow against individual outstanding invoices.

MarketFinance Limited
Formerly
MarketInvoice Limited
Private
IndustryBusiness lending, Financial technology
Founded29 July 2010 (2010-07-29)
FounderAnil Stocker, Ilya Kondrashov, Charles Delingpole
Headquarters48-50 Scrutton Street, London EC2A 4XQ
Websitemarketfinance.com

As of March 2018, MarketFinance had provided over £2bn in invoice finance facilities to UK companies.[3]

In 2018 the company became the first FinTech company to partner with a major highstreet bank in the UK, Barclays bank.[4]

History

MarketFinance, originally named MarketInvoice, was created in 2011 by Anil Stocker, Ilya Kondrashov, and Charles Delingpole in response to the low levels of lending to SMEs[5][6] by traditional high street banks.

Anil Stocker has served as CEO since the company began and Ilya Kondrashov as MD. Giles Andrews was appointed the first Chairman of the company in 2017.[7]

In 2011 MarketFinance raised £930,000 in seed funding[8] and announced that the UK Government’s development bank, the British Business Bank, would begin to fund businesses through their platform. By the end of 2015 the company had opened an office in Manchester and raised a £6m series A funding round[9] with venture capital firm Northzone and Paul Forster (founder of Indeed.com).

In 2016 MarketFinance received an additional £7.2m[10] in funding from Northzone and MCI Partners.

In 2018, MarketFinance announced that they had funded over £2bn worth of trade on their platform.[3]

In 2019 the company completed a series B funding round raising £45.8m[11] from Barclays bank, Santander InnVentures, Northzone, MCI Capital, and Viola Credit.

On 12 November 2019, MarketInvoice was renamed MarketFinance.

Products

MarketFinance started out offering selective invoice discounting through a proprietary platform that allows sellers' invoices to be matched with investors based on investor risk appetite. Unlike traditional invoice factoring, MarketFinance’s platform allows businesses to choose which invoices they want to borrow against and which they do not.

In 2017 the company released a Confidential Invoice Discounting facility that would allow businesses to upload their entire invoice book to borrow against.[12] In 2018 MarketFinance launched a business loan product.[13]

Partners & Investors

A number of different investors fund business through MarketFinance’s platform, ranging from institutional investors to regional funds and banks.

In August 2013, MarketFinance was awarded £5 million in government funding to lend to small businesses through the Business Finance Partnership.[14] The extension of the scheme, to boost finance through non-bank lenders, was announced by Vince Cable, business secretary. This deal was extended in September 2015 for a further 3 years, taking their total investment in MarketFinance's platform to £10m.[15]

In October 2014 the Greater Manchester Combined Authority committed £16 million per year to invest in local business through the MarketFinance platform.[16]

In 2018 Portugal’s bank Banco BNI Eruopa and the German Varengold Bank announced that they would lend £90m and £45m respectively through MarketFinance’s platform.[17]

In 2018 MarketFinance announced a partnership with Barclays bank to provide invoice finance to Barclays' business customers.[18]

Awards

MarketFinance has received several awards and commendations:

  • Winners of 2019 Business Excellence Awards for Most Innovative Invoice Financing Solutions[19]
  • Winners of the 2019 Wealth & Finance magazine fintech award for Best SME Invoice Finance Solutions Provider[20]
  • Featured in 2017 and 2018 The Sunday Times Tech Track 100 ‘Ones to Watch’ list.[21]
  • Featured in the 2017 FinTechCity Fintech50 list and the 2018 Fintech50 Hall of Fame[22]
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References
  1. "MARKETFINANCE LIMITED – Filing history (free information from Companies House)". beta.companieshouse.gov.uk. Retrieved 27 November 2019.
  2. "MarketInvoice rebrands as MarketFinance as it launches SME lending up to £250k – AltFi News". AltFi. Archived from the original on 27 November 2019. Retrieved 27 November 2019.
  3. JD Alois (19 March 2018). "UK Fintech MarketInvoice Tops £2 Billion in Online Lending". Crowdfund Insider. Archived from the original on 17 October 2019. Retrieved 18 October 2019.
  4. Ryan Weeks (2 August 2018). "MarketInvoice strikes strategic deal with Barclays". AltFi. Archived from the original on 17 October 2019. Retrieved 18 October 2019.
  5. "Businesses finance raised – Bank of England". Bank of England. Archived from the original on 5 February 2020. Retrieved 19 December 2019.
  6. "SMALL BUSINESS FINANCE MARKETS 2014 – Publication" (PDF). British Business Bank. Archived (PDF) from the original on 5 February 2020. Retrieved 19 December 2019.
  7. Anthony Strzalek (20 March 2017). "Giles Andrews appointed MarketInvoice chairman". FStech. Archived from the original on 18 October 2019. Retrieved 18 October 2019.
  8. "Startup of the Week: MarketInvoice – Wired.co.uk". Wired.co.uk. 25 April 2012. Archived from the original on 5 February 2020. Retrieved 19 December 2019.
  9. "MarketInvoice raises £6m – UKTN". UKTN. 17 August 2015. Archived from the original on 5 February 2020. Retrieved 19 December 2019.
  10. Steve O'Hear (18 July 2016). "MarketInvoice raises another £7.2M – TechCrunch". TechCrunch. TechCrunch. Archived from the original on 5 February 2020. Retrieved 19 December 2019.
  11. "MarketInvoice Total Funding Amount". Crunchbase. Retrieved 18 October 2019.
  12. Kathryn Gaw (9 February 2017). "MarketInvoice launches new invoice finance product". www.p2pfinancenews.co.uk. P2P Finance News. Archived from the original on 5 February 2020. Retrieved 16 January 2020.
  13. Ryan Browne (31 October 2017). "This UK fintech is taking on big banks with business loans — and one key EU law is driving it". cnbc.com. cnbc. Archived from the original on 5 February 2020. Retrieved 16 January 2020.
  14. "Vince Cable: Business lending to get £30m boost". BBC News. 22 March 2013. Archived from the original on 17 December 2018. Retrieved 16 January 2020.
  15. "Is this Government bank behind the alternative finance boom". The Telegraph. 4 October 2015. Archived from the original on 5 February 2020. Retrieved 16 January 2020.
  16. Amy Andrew (18 November 2014). "Manchester authorities invest 2 million in growing local business". This is Money. Archived from the original on 21 June 2015. Retrieved 21 June 2015.
  17. "BNI Europa and Varengold provide £135 million funding to MarketInvoice platform". Finextra. Finextra. 26 March 2018. Archived from the original on 5 February 2020. Retrieved 16 January 2020.
  18. Ryan Weeks (2 August 2018). "MarketInvoice strikes strategic deal with Barclays". AltFi. Archived from the original on 17 October 2019. Retrieved 18 October 2019.
  19. "MarketInvoice – Most Innovative Invoice Financing Solutions 2019 – England". Archived from the original on 25 April 2020. Retrieved 16 January 2020.
  20. "Fintech Awards – Best SME Invoice Finance Solutions Provider – MarketInvoice". 10 July 2019. Archived from the original on 5 February 2020. Retrieved 16 January 2020.
  21. "Tech Track 100 – MarketInvoice". www.fasttrack.co.uk. The Sunday Times. Archived from the original on 5 February 2020. Retrieved 16 January 2020.
  22. "The FinTech50 Hall of Fame". thefintech50.com. FinTechCity. Archived from the original on 13 May 2020. Retrieved 16 January 2020.
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