UK fintech and business finance company MarketInvoice has raised £56m, intended to expand UK market presence and launch fintech-bank partnerships.

This funding round was led by Barclays and fintech fund Santander InnoVentures with further participation from European venture fund Northzone, an existing investor in the company. Technology credit fund Viola Credit, who also participated in the equity round, will provide a debt facility of up to £30m designed to scale the MarketInvoice business loans division.

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Anil Stocker, co-founder and chief executive officer of MarketInvoice, said: “This investment is perfectly timed for the company. The quality of investors we are bringing in through this funding round is a real testament to the whole team at MarketInvoice and the value we are building.

We’re excited to develop our finance solutions further and become the trusted funding partner for ambitious entrepreneurs. By collaborating with bank partners, we will be reaching many thousands of companies here in the UK and abroad to provide them with their business finance needs. We aim to invest in technology, data and strategic partnerships, to take MarketInvoice to the next level.”

Since 2011, MarketInvoice has funded invoices and business loans to UK companies worth more than £2bn. The first £1bn was achieved after five years of trading and the second £1bn took 14 months to reach, said the company.

During this time, two products were launched; confidential invoice discounting and business loans. These helped MarketInvoice provide funding worth £714.2m to business in 2017, up from £410.4m in 2016 (up 74%).

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Of the recent fundraise, Manuel Silva Martínez, managing partner and head of investments at Santander InnoVentures, said: “MarketInvoice is helping UK businesses access much needed funding to keep their businesses and ideas thriving in a very competitive market. We are pleased to be joining other financial institutions as shareholders to scale their solutions in the UK and abroad. We are very excited to join Anil and his exceptional team in building this vision together.”

Research from MarketInvoice showed that UK accountants are most likely to refer their clients to banks, with invoice finance providers the second most popular lender of choice.