MarketInvoice has launched MarketInvoice Pro, an invoice discounting service, and said it plans to nearly double lending to £2bn in 2017.
The peer-to-peer invoice financer has funded £1.1bn worth of invoices since 2011, and hopes MarketInvoice Pro will boost lending by broadening its reach to a wider range of businesses.
The invoice discounting service offers businesses an open funding line against their outstanding invoices, which MarketInvoice hopes will allow them to access finance faster and more easily.
MarketInvoice said the decision to launch MarketInvoice Pro was driven by demand from existing users, interest from investors on the platform, and a recent £7.2m investment by MCI capital and Northzone Partners.
Anil Stocker, chief executive officer and co-founder of MarketInvoice, said: “MarketInvoice Pro is a natural evolution of our business and brings and fresh and innovative approach to solving the biggest issues for businesses in the UK; available cash-flow.
“As Brexit takes shape, we think the coming months present a significant opportunity for MarketInvoice. We believe our model will mature through this cycle, and prove we are here to stay.”