27 October 2016
Find out more

MarketInvoice and Xero bid to bring on-demand funding to UK businesses

29 July 2014  |  2235 views  |  0 Source: MarketInvoice and Xero

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access working capital isn't helped by the fact their accounting data is locked away inside archaic systems and often out of date.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. 

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
Find out moreFind out more

Who is commenting?

A Finextra member Finextra Member Commented on: 5 innovations to make...
A Finextra member Finextra Member Commented on: Goodbye, Santander! Th...
A Finextra member Finextra Member Commented on: Why are we more intere...

Top topics

Most viewed Most shared
Visa treads on Swift's toes with blockchain pilot for high value paymentsVisa treads on Swift's toes with blockchai...
9290 views comments | 34 tweets | 40 linkedin
Monzo raises £4.8mMonzo raises £4.8m
8971 views comments
CBA and Wells Fargo combine blockchain and IoT to revolutionise trade financeCBA and Wells Fargo combine blockchain and...
8707 views comments | 26 tweets | 30 linkedin
Visa tells Europe to be ready for 3-D Secure 2.0 by April 2018Visa tells Europe to be ready for 3-D Secu...
8279 views comments | 12 tweets | 27 linkedin
hands typing furiouslyThe day I realized Fintech was becoming ju...
8125 views 2 | 22 tweets | 8 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job