Two major fintech companies are partnering to offer businesses unparalleled access to almost instant funding. The partnership between MarketInvoice and Xero will enable businesses to apply and be approved for funding directly through their accounting software in a total of just 20 minutes.
After the one-off approval process is complete, businesses can repeatedly generate near-instant finance with just three clicks of a mouse by selling their long-dated invoices directly to investors.
Utilising the data held by Xero, funding decisions can be made much faster than ever before. This is the first time instant, flexible finance has been available to UK businesses outside an overdraft or credit card, with the process of application significantly simpler and more accessible than traditional forms of finance.
MarketInvoice CEO Anil Stocker said: "Accessing finance for a growing business has long been a painstaking process dogged by delays, hidden fees, and complex long-term contracts. All of that is changing. MarketInvoice and Xero are both companies using innovation to shake-up jaded industries and this partnership changes the way businesses access finance.
"We're harnessing two pioneering innovations to put power back in the hands of business owners. By bringing big data and intelligent finance together we can help businesses access funding in a tiny fraction of the time it takes to meet your bank manager."
Gary Turner, Xero UK MD, said: "We are pleased to partner with MarketInvoice to offer business owners access to new, alternative and flexible means of finance through this new addition to our cloud ecosystem.
"The chronic challenge small businesses face in trying to access working capital isn't helped by the fact their accounting data is locked away inside archaic systems and often out of date. Xero's cloud-based accounting software easily eliminates these issues and so it's very encouraging to see new funding services now emerging that unlock cash tied up in long-dated invoices directly through our cloud accounting platform."
How it works:
Businesses go to the MarketInvoice Xero portal and click 'apply through Xero'. They then login (if not already logged in) to their Xero account and an application form is pre-populated with data from Xero. They set up a password and contact number and click apply.
MarketInvoice will get back to within 24 hours (usually 20 minutes) to let them know if they've been approved.
Once approved businesses can access the MarketInvoice platform directly from Xero and sell selected invoices in just three clicks. Funding will be advanced within a couple of hours.