MarketInvoice has partnered with insurer Euler Hermes to provide credit insurance to its invoice finance clients.
Customers who apply for an invoice financing facility from MarketInvoice have the option to get insurance from Euler Hermes at preferential rates to cover creditor defaults on the facility.
Customers who sign up for the insurance package will also get access to Euler Hermes’s risk prevention software, to analyse trends in clients’ repayments.
Euler Hermes entered a similar partnership with French supply chain finance platform Urica in September 2016. The collaboration with MarketInvoice is Euler Hermes is the first with a UK fintech.
Ilya Kondrashov, chief executive officer and co-founder of MarketInvoice, said: “As a fintech business, we look to partner with like-minded businesses who are competitive, agile and friendly. Euler Hermes is a perfect fit for us.
“The underlying aim of this partnership is to enable companies of all sizes to trade with confidence at home or abroad. This is the joint mission of our businesses and we aim to deliver this for our customers. As Brexit dawns, this partnership arrangement, will provide our customers the confidence to expand sales to new buyers and markets.”
Milo Bogaerts, chief executive officer of Euler Hermes for the UK and Ireland, said: “We live in uncertain times. Trade, investment and consumer spending are driven by confidence, and uncertainty is the enemy of confidence.
“Businesses leaders need to plan ahead for how future risks like Brexit might impact them and their supply chains. Plus recent high profile corporate failures reinforce the need to be increasingly aware of the risks of late or non-payment for goods and services provided on credit. This is why MarketInvoice is our partner of choice to help businesses trade with confidence.”