- UK Finance respond to UK Government White Paper on Brexit
- UK FInance publishes Mortgage Trends Update
- Capgemini report reveals that the financial services industry could expect to add up to $512bn to global revenues by 2020 through ‘intelligent automation’
- Banking Trojans global impact has increased by 50% in last four months
- Emma Technologies FinTech raises £420,000 in seed funding
- Liberis uses Open Banking technology to increase funding access for UK small businesses
- Moneybox closes a £14m Series B funding expired
- Visa Loyalty Solutions(VLS) with FinTech novae launches omnichannel digital points redemption platform available to all issuing banks in Latin America and the Caribbean expired
- Bank of Cyprus completes sale of UK subsidiary to Cynergy Capital expired
- Capital Dynamics to acquire Milan-based Advanced Capital SGR expired
- EQT and other co-investors agree to acquire Saxo Payments Banking Circle from Saxo Bank expired
- Frontierpay opens Asia HQ in Singapore expired
13th October 2017
MarketInvoice has record Q3 demand for finance
Business finance company MarketInvoice observed record quarterly demand from UK businesses for invoice finance in Q3 2017; £196.2m worth of invoices were funded in the quarter, of which £74.1m was funded in August alone – a record month for MarketInvoice, providing UK businesses with critical working capital.
The value of invoices funded is up 67 per ent year-on-year, from £117.6m (Q3 2016) to £196.2m (Q3 2017), as the business moves closer to reaching the £2bn funding milestone. Current cumulative value of invoices funded since 2011 has reached £1.55bn, of which £500.4m has been funded in 2017 alone.
The growth has largely been fuelled by the MarketInvoice confidential invoice discounting service, launched in February 2017. The facility, which offers businesses an open funding line against their outstanding invoices, was the first new service launch by MarketInvoice since it was established in 2011.
Nehal Mittal, VP Finance & Strategy at MarketInvoice, said: “We are proud to be supporting UK businesses as they deliver goods and services here in the UK and abroad. Our new confidential invoice discounting facility, launched in February 2017, has driven much of the increase in our funding amounts, and appeals to businesses that have regular need to access working capital to hire more staff, launch new products, and pay suppliers.”