Peer to peer funder and invoice finance provider MarketInvoice has signed an agreement with Varengold Bank to provide £45m funding annually on its invoice finance platform.

Sums advanced to UK businesses from institutional investors via MarketInvoice have increased since 2014 from £27.8m to £116.3m in 2017. Cumulative funding from institutions stands at £296.2m which represents a quarter (26%) of the total funds advanced to UK businesses for invoice finance.

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MarketInvoice has provided £1.5bn funding to UK since 2011. The first £1bn was achieved after 5 years of trading in December 2016 and 10 months later, the company has reached £1.5bn.

The business attributed the rise to the launch of its MarketInvoice Pro service, a confidential invoice discounting facility, launched earlier this year, offering businesses a funding line against their outstanding invoices.

Dan Walker, head of London office of Varengold Bank, said: “We have been looking at the fintech sector for some time. MarketInvoice and its peer-to-peer invoice finance platform presented a fitting opportunity for us. In particular, we were attracted by their products, approach to risk management and ambition for growth.”

Anil Stocker, chief executive and co-founder of MarketInvoice, said: “Institutions have played a significant role in our growth story and over the past few years. This commitment from Varengold is further proof of our ability to provide finance to high growth businesses across the country, we’re excited by their support of our mission.”

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“We look forward to building on this relationship as we scale into larger funding lines through our new MarketInvoice Pro product. I’m sure we’ll see many more examples of this type of collaboration in the coming months.”