MarketInvoice has provided £129.6m (€152m) in funding to British businesses over the first quarter of this year, up from £81.1m in the same period of 2016.
The UK-based peer-to-peer lender launched MarketInvoice PRO, its invoice discounting service in February. MarketInvoice said the launch of this service largely drove its growth.
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The results in the first quarter of 2017 achieved a record for the lender. In March, MarketInvoice funded invoices worth £54.7m, and the total value of invoices funded since the company began reached £1.2bn.
Anil Stocker, chief executive officer and co-founder of MarketInvoice, said that MarketInvoice’s results were part of a wider trend of businesses leaving traditional funding sources.
He said: “The achievement mirrors industry trends where asset-based finance is increasingly taking market share from traditional forms of working capital options.”
“Businesses are looking beyond their obvious ‘go-to’ options and realising they can use invoice finance in an effective and meaningful manner.”
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By GlobalDataMarketInvoice said its main strategic ambition was to support a wider range of businesses with its invoice finance offering.
