MarketInvoice, Europe's first and largest online invoice trading platform, has today joined the Peer-to-Peer Finance Association.
Founded in 2011, MarketInvoice provides UK SMEs with fast, flexible and transparent access to working capital. Businesses use MarketInvoice to selectively trade their invoices online with a network of global investors. More than £130m has been funded through the platform to date, with the UK Government now using it to help channel funds to SMEs.
Anil Stocker, CEO of MarketInvoice said: "We're excited to be joining the Peer-to-Peer Finance Association. The work of this body is key in ensuring that our innovative, disruptive and fast-growing sector has the right foundations to continue thriving. The UK stands at the forefront of global financial technology innovation and to make a meaningful long-term difference to customers all members need to maintain the highest standards of client service, ethics and protection. The Association's commitment to these principles is clear, and we look forward to contributing to the mission."
Christine Farnish, Independent Chair of the P2PFA said: "MarketInvoice is a leading p2p player with a great product that is shaking up and improving the UK's business finance market. We are delighted to welcome them into the P2PFA. We now represent not only 95% of all peer-to-peer lending but over 75% of peer-to-peer invoice trading as well. These two types of alternative finance show huge promise in terms of providing attractive new ways of channeling funds to SME businesses to help boost economic growth."
The Peer-to-Peer Finance Association (P2PFA) was established to ensure that the emerging sector maintains the highest standards of conduct to benefit both businesses and consumers. All members must sign-up to the Associations rules and demonstrate high standards of business practice.