MarketInvoice, the online business finance company, has added € and US$ capabilities to its confidential invoice discounting product MarketInvoice Pro.
This means that businesses who use the service will now be able to fund their € and US$ invoices as quickly and easily as they do their £ denominated invoices in providing the critical working capital they need to succeed.
MarketInvoice Pro, launched earlier this year, offers businesses an open funding line against all their outstanding invoices, the first new service launch by MarketInvoice since it was established in 2011.
The existing MarketInvoice Select service, where businesses can choose which invoices to seek funding against, already had the functionality to handle € and US$ invoices. Invoices worth over €77.3m and US$156.7m have been funded over the years.
There has been a 35% increase in the number of businesses using the MarketInvoice, over the past 12 months, for foreign currency invoice finance. The functionality helps businesses to mitigate foreign exchange fluctuations and also manage their exposure in the currencies offered.
Stephanie Le Geyt, senior product manager, at MarketInvoice commented: “Larger businesses that are adopting MarketInvoice Pro typically do business abroad and this functionality will allow them to use their foreign currency invoices in equal measure as they do sterling invoices.”
“With exports up almost 30% year on year, businesses are using MarketInvoice to fund their overseas expansion. Brexit and a weakened sterling have certainly helped in attracting more businesses, typically exporters, who have used our Select service in seeking funding against invoices. We are an innovative and nimble business, we continuously evolve our services to serve customer needs to put them in the best place to achieve their goals”.
MarketInvoice’s main strategic ambition is to broaden its reach to be able to support a wider range of businesses, from start-ups to larger businesses looking to scale up. The company aims to help even more companies get paid faster by financing their invoices, so business owners can save time and focus on running their business.
MarketInvoice business highlights (last 12 months):
• Funded over 70,000 invoices worth £1.4b (to date, since 2011), £2,196 funded every minute to UK businesses in 2016
• Provided record funding to UK businesses in June 2017 (£64.2m) and delivered 57% year-on-year funding growth from £103m (Q2 2016) to £161.9m (Q2 2017)
• Raised £7.2m (series B) in recent investment round from European venture capital fund Northzone and private equity group MCI Capital
• Appointed Giles Andrews, the founding father of peer-to-peer lending, as Chairman
• Selected in the Global CB Insights Fintech 250 2017 and the European FinTech50 2017 lists.