London-based fintech platform MarketInvoice, the largest lending platform in the European region has announced that it has secured $33.5 million in Series B funding. The investment round was co-led by Barclays and Santander InnoVentures.
Israeli private equity firm Viola Group's fund Viola Fund and European venture capital firm Northzone also participated in the fundraising. The latest round takes the total capital raised by the company to over $50 million where the other backers who have infused capital in the company are, Paul Forster, MCI Capital SA, and William Kirby.
Notably, one of the investment round leader Barclays had picked up a small stake in the company last year in order to help their business clients have access to MarketInvoice's invoice finance solutions. The fresh funds will also go towards their main focus of developing cross-border tie-ups with new partners apart from strengthening their UK business.
Founded by Anil Stocker, Charles Delingpole, and Ilya Kondrashov in 2010, the firm claims to have funded invoices and business loans worth £2 billion to a number of UK company. Talking about their plans of working with the British Bank Barclays, Anil Stocker, the CEO and co-founder of the company said, For us, by working with Barclays’ network and presence in the market, we’re able to educate more businesses on our funding solutions, something which would take much more time if we were to do it on our own.”
Barclays Business Bank's CEO Ian Rand commenting on the investment said, “It demonstrates our commitment to the partnership we announced last summer which offers hundreds of thousands of our SME clients access to even more innovative forms of finance, boosting cash flow and competition in the market.” Manuel Silva Martínez, Managing Partner and Head of Investments at Santander InnoVentures commented: “MarketInvoice is helping UK businesses access much-needed funding to keep their businesses and ideas thriving in a very competitive market.”
The firm draws comparisons from the U.S.-based LendingClub and Britain's Funding Circle.
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