UK based invoice financing fintech MarketInvoice has raised a fresh $72mn in capital, $33mn in equity and a $39mn debt...
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The company passed £1bn in 2016 after 5 years and booked another £1bn in just 14 months; part of their success in increasing originations has been due to two new products, confidential invoice discounting and business loans; their larger institutional investor base has also allowed them to fund larger businesses with bigger funding requirements; in 2017 the firm lent £714.2m to businesses. Source
MarketInvoice has reached a 1 billion British pound invoice funding milestone; in the past 14 months it has financed 500 million British pounds of invoices; just recently reaching the 1 billion British pounds funding milestone, it reported invoices funded of 958,029,836 British pounds as of October 31 with a total loan amount of 765,451,443 British pounds; the company has been in business since 2010 with a total of over 20,000 transactions; it currently offers loans of 10,000 British pounds to 3 million British pounds for company invoices. Sources
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The UK's MarketInvoice has reported record originations of 130 million British pounds ($161 million) for the first quarter of 2017; originations increased by 160% from the comparable quarter giving the firm cumulative originations of 1.2 billion British pounds ($1.5 billion); origination growth for the firm has been helped by a new product called MarketInvoice Pro which provides businesses an open funding line for their invoice borrowing. Source
The construction sector accounts for approximately 16% of invoices financed on the MarketInvoice platform and issues from construction company Elimco UK have uncovered some new potential risks for the sector; Elimco UK has stopped making payments to the platform; in most cases MarketInvoice as the lender would receive preferred rights to the company's payments however in the construction sector set off rights give the customer preference of payment which has caused the construction company to default with MarketInvoice; the total amount of losses reported for MarketInvoice has not been disclosed; the company says its overall loss rate is 2.4% after recoveries; the firm also says it does not have plans for data filtering by industry category since it would lead to cherry picking loans. Source
The UK's MarketInvoice, a working capital lender for businesses, has been gaining significant market traction and is reporting ambitious plans for future business growth; it is estimating total lending of 2 billion British pounds ($2.5 billion) by the end of the year and is planning to offer its service to incumbent banks; the firm has also appointed Zopa's Giles Andrews as its chairman and hired Shaun Alexander as head of risk to improve its risk reporting, integrate more artificial intelligence programming and facilitate greater deal communication with large traditional banks. Source