British company MarketInvoice has raised £5 million in funding to back the growth of its invoice financing platform.
VC Northzone and former Indeed.com CEO Paul Vorster offered MarketInvoice the capital in this latest round. The company has also benefitted from the British Business Bank initiative which saw the UK government invest £5 million through MarketInvoice’s platform as part of a larger bid to energise the formerly flailing SME funding market.
MarketInvoice allows businesses to ‘sell’ their outstanding invoices to investors online, refreshing the fairly old invoice financing industry. Invoice buyers can now bid in real time auctions to determine how much of an invoice’s value they will provide as capital, minus their cut. MarketInvoice itself also takes a cut.
The company has traded nearly £300 million through the platform, with close to £200 million this year, and wants to stop invoice finance being judged as the last port of call for a failed company.
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