MarketInvoice, a provider of invoice financing solutions based in the United Kingdom, has managed to secure £56 million ($71.9 million) in equity and debt funding, the company announced this Monday. Part of this cash injection came from a Series-B funding round and fintech fund Santander InnoVentures, which raised £26 million in new equity funding for the company.
Northzone, a European venture fund and existing investor in the company, also played a large part in the funding round. Viola Credit, a technology credit fund, which also participated in the equity round, will provide MarketInvoice with a debt facility of up to £30 million. This is to help the company scale its business loans solution, the statement said.
MarketInvoice plans to deepen strategic partnerships in the UK
MarketInvoice is the largest invoice finance platform in Europe, having funded invoices and business loans to UK companies worth more than £2 billion. The cash injection will be put towards deepening the company’s strategic partnerships in the UK, increase its team and brand awareness, the company said.
Furthermore, the fintech firm will also use the funding for its plans to launch cross-border fintech-bank partnerships, which will support businesses with access to their lending solutions.
“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,” he added.