Jan. 21, 2019
MarketInvoice, a U.K.-based fintech, raised $72 million [56 million British pounds] in equity and debt financing, including a Series B $33.5 million equity round from Barclays and Santander InnoVentures, according to an announcement.
Northzone, a European venture fund and a prior investor in the company, is also a major participant in the equity round.
Viola Credit, which also participated in the equity round, is providing the company’s debt facility of up to $38.6 million, which the company said will help finance its business loan solution.
MarketInvoice said the new round of funding will be used to deepen strategic partnerships in the U.K., grow the number of workers, and boost awareness of its business finance solutions, in the announcement. The company also plans to cross-border fintech-bank partnerships to help more businesses with the company’s lending solutions.
"We’re excited to develop our finance solutions further and become the trusted funding partner for ambitious entrepreneurs," Anil Stocker, co-founder and CEO, said in the announcement. "By collaborating with bank partners, we will be reaching many thousands of companies here in the U.K. and abroad to provide them with their business finance needs."
Stocker added that the new funding will be used to invest in additional risk automation and data models.
Ian Rand, CEO of Barclays Business Bank, said the investment furthers its strategy that it announced last summer to offer hundreds of thousands of its SME clients access to even more types of alternative financing, in the announcement.
MarketInvoice said that since 2011 it has funded more than $2.57 [2 billion pounds] in invoices and business loans.
Topics: Financial News, Mobile Apps, Money Transfer / P2P, Region: EMEA
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