Technology credit fund Viola Credit also participated in the funding round and will provide a debt facility of up to £30m to help scale the MarketInvoice business loans solution.
The funding will also enable the business lender to deepen its strategic partnerships in the UK, grow the team and increase awareness of business finance solutions.
Anil Stocker, CEO and co-founder of MarketInvoice (pictured above), said that the quality of investors it was bringing in was a real testament to the team.
“We’re excited to develop our finance solutions further and become the trusted funding partner for ambitious entrepreneurs.”
In addition, the company is planning to launch cross-border, fintech bank partnerships to support more businesses with access to its lending products.
“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,” added Anil.
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“We aim to invest in technology, data and strategic partnerships to take MarketInvoice to the next level.”
Ian Rand, CEO at Barclays Business Bank, said that collaborating with companies such as MarketInvoice was an integral part of its strategy.
“This investment 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.”
Ido Vigdor, partner at Viola Credit, added: “More than £6bn has been funded through alternative finance lending in the UK and it has become an established mainstream component in the UK financial landscape.
“The awareness, adoption and impact of alternative finance options are increasing rapidly as platforms – such as MarketInvoice – are providing seamless, easy-to-use financial services.
“We are excited to enter the UK market and partner with this exceptional company as it enters [the] next phase of growth.”