United Kingdom business finance company MarketInvoice has struck a deal with Veritas Commercial Services which will provide more than 400,000 smaller businesses with access to a whole ledger confidential invoice discounting service.
Businesses with minimum £300,000 turnover who adopt a credit control add-on can access MarketInvoice Pro, an open funding line against outstanding invoices. The previous minimum was £1 million.
MarketInvoice’s risk model will benefit from increased data access.
“Invoice finance helps to bridge long payments terms and credit control prevents late payment, all with aim of improving a business’ working capital cycle,” MarketInvoice cofounder and CEO Anil Stocker said. “Company owners regularly acknowledge that chasing payments and debts is a burden in achieving their growth and ambitions. Our seamless integration with Veritas will give businesses the support they need to control late payment and access funding to hit their targets.”
“The strategic alliance with MarketInvoice is very exciting,” Veritas Commercial Services CEO Jenny Oldfield said. “As a result, more small, growing businesses will now be able to benefit from a fully integrated invoice finance facility and credit management service that puts them firmly in control.
“The powerful combination of technology and talent from both our organisations brings tangible advantages to SMEs, harnessing cutting edge cloud solutions and deep expertise to drive improved cash flow and working capital. This, in turn, accelerates the flow of liquidity into the UK economy.”