MarketInvoice Hits New Milestone Amid Mobile Banking Developments
There’s no doubt that the changes in Open Banking in the UK, especially given the growth of challenger banks and mobile banking, have opened up the field to a lot of new firms that weren’t there previously. One major newcomer is MarketInvoice, who recently dropped word our way about a recent milestone it reached: two billion pounds sterling in invoice financing and business loans advanced to UK firms.
MarketInvoice managed to pull off this coup in an environment that increasingly prizes such developments; invoice finance volumes were up 74 percent in 2017, and represented an average of 6,450 pounds sterling advanced every minute. It wasn’t just operations in the UK that gave MarketInvoice its push, however; as it works in 93 different countries at last report.
It took five years for MarketInvoice to reach its first billion pounds, reports note, but only 14 months to reach the second. Moreover, the amounts ballooned as well: in 2016, the average invoice funded went from 606,000 pounds to 1.14 million pounds just a year later. A business loans solution geared toward the smaller business also emerged, contributing significantly to MarketInvoice’s bottom line.
MarketInvoice’s co-founder and CEO Anil Stocker noted “Reaching the £2b milestone is testament to the trust businesses place in our solutions and the customer service we have built our brand on. We are now servicing larger business with bigger funding requirements. Our growing institutional investor base on the platform has enabled us to support a broader pool of businesses.”
In a sense, this is good news; more options are available to businesses that need sources of ready funding, thanks to the growth of overall options in the field from mobile banking and beyond. The growth of the Open Banking concept is helping out on this front too. The insidious problem lurking in the background, though, is that there’s this much demand for invoice financing to begin with. Good, responsible organizations pay invoices promptly and regularly. Why do UK businesses even need such services, unless there’s a serious problem with people getting paid on time?
That’s the kind of problem that could collapse an economy, no matter who’s involved, and hopefully someone’s looking to cure the root problem, not manage symptoms, before it’s too late.