Invoice discounting provided MarketInvoice has registered an year-on-year jump of 67% to £192.6m of new business for the third quarter of 2017, which the company attributed to the launch of a new whole-ledger-backed facility service last February.
The p2p company, founded in 2011, has collectively funded £1.55bn worth of factoring, £495m (31%) of which in the year to date.
It previously only offered packages tied to single invoices, but in February it started providing facilities backed by a company’s entire ledger.
Neha Mittal, vice president for finance & strategy at MarketInvoice, said: “We are proud to be supporting UK businesses, providing timely and effective working capital solutions, as they deliver goods and services here in the UK and abroad. Indeed, it is a privilege to serve these businesses as they blossom and grow, making an impact in local communities and the wider UK economy.
“[A MarketInvoice survey] from July, found that more than a third (38%) of businesses were anticipating a cash squeeze going into Q3 and Q4 2017, which reflects the significant growth in our funding levels. Business leaders and entrepreneurs, have the peace of mind, that invoice finance can provide a secure, efficient and timely means to remedy matters as they look to scale and develop their businesses.
“Our new confidential invoice discounting facility, launched in February 2017, has driven much of the increase in our funding amounts, and appeals to businesses that have regular need to access working capital to hire more staff, launch new products, and pay suppliers.”