Barclays Bank takes stake in MarketInvoice

Barclays Bank takes stake in MarketInvoice

Barclays Bank is to take a minority equity stake in online invoice financing platform MarketInvoice and roll out the service to its large SME client base.

Barclays is the first high street bank to enter into a strategic partnership with MarketInvoice, which has funded invoices and business loans worth more than £2.7 billion to companies across the UK since its inception in 2011.

The service is built to address cash flow problems for small businesses with outstanding invoices, enabling companies to upload or sync their invoices to MarketInvoice’s platform and sell them to investors, unlocking fast access to funding.

The proposition will be introduced to Barclays’ SME clients over the coming months in areas across the UK, including the East Midlands, West Midlands, Herts and North West London, with a full roll-out set to commence nationwide in 2019.

Barclays also plans to fund invoices via the platform in the future, growing its asset base in the small business segment further.

Ian Rand, CEO of Barclays Business Bank, says: "Invoice finance is a product that has come of age in the digital era, it’s efficient, effective and controllable for small businesses. Our corporate bank already offers invoice financing to large businesses, so it’s great news that we’re able to extend the proposition to work for our SME clients as well.”

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