Peer-to-peer online invoice finance marketplace MarketInvoice announced this week that Banco BNI Europe (BNI) will provide £45 million in annual working capital funding on the platform. The decision follows a success £28.3 trial investment in 2016.
In a release MarketInvoice said the amount institutional investors have provided on the platform have nearly doubled from £96.1 million to £176.2. Since the Brexit vote goal institutional investments on MarketInvoice have grown by 34 per cent while UK investment has remained stable. So far MarketInvoice has funded more than 70,000 invoices worth in excess of £1.2 billion.
The partnership has its advantages for both parties, executives say.
“In 2015, we put in place a digital strategy to drive our investments through fintech platforms,” BNI executive chairman Pedro Coelho said. “This news is testament to how well it has worked for us.
“It is inevitable that banks will work more collaboratively with fintech businesses. I am firm believer of this and see much scope in the industry.”
MarketInvoice cofounder and CEO Anil Stocker said institutions have funded close to 60 per cent of working capital to business via MarketInvoice over the past two years.