The list identifies a select group of emerging private companies working on groundbreaking financial technology.

The CB Insights research team chose the Fintech 250 companies based on several factors, including data submitted by the companies and the company’s mosaic score.

The mosaic score measures the overall health and growth potential of private companies and is based on CB Insights’ National Science Foundation-funded algorithm.

Through this evidence-based, statistically driven approach, the mosaic score can help to predict a company’s momentum, market health and financial viability.

MarketInvoice has funded over 70,000 invoices (in total worth £1.3bn since 2011), and funded £2,196 every minute to UK businesses in 2016.

•   MarketInvoice appoints two new vice presidents
•   MarketInvoice appoints Zopa co-founder as chairman
•   MarketInvoice reaches £1bn funding milestone

Anil Stocker, co-founder and CEO of MarketInvoice (pictured above), said: “This achievement is yet further testament to our growth and progress in recent months.

“We are honoured to be a part of this global family of fintech businesses.

“Over the past year, as a business we raised £7.2m in an investment round from European venture capital fund Northzone and private equity group MCI Capital to support our growth and investment objectives.

“We reached the £1bn funding milestone at the end of 2016 and have funded over 70,000 invoices to date, worth £1.3bn.

“We work with thousands of businesses and support over 18,700 jobs in the UK economy by providing the necessary working capital solutions to drive success.

“We’re committed to becoming a major player in the business finance market, and are continually evolving our proposition to deliver smart and easy-to-use finance to businesses across the UK.”