UK-based online lender MarketInvoice is set to receive £135m of funding from two European banks.
Portuguese bank Banco BNI Europa (BNI) and German bank Varengold Bank have agreed to invest £90m and £45m respectively in the platform.
This is Banco BNI Europa’s third investment into the platform, while second for Varengold Bank.
In 2016, Banco BNI Europa invested £28.3m followed by an investment of additional £45m in May 2017.
Banco BNI Europa executive chairman Pedro Coelho said: “Our experience of working with MarketInvoice since 2016 has been exceptional. Our values are aligned on delivering innovative, quick and easy-to-use products that help growing businesses.
“Their ability to deliver fast and timely funding means that our investment is being well utilised. Furthermore, with the onset of Open Banking in the UK, we expect they will get funding to companies faster, who will in turn grow, hire more people and ultimately generate economic growth.”
In September 2017, Varengold Bank added £45m in MarketInvoice.
MarketInvoice’s operates a smart online platform that allows businesses to procure loans and invoice finance.
Last year, MarketInvoice nearly doubled the average annual amount advanced to UK businesses to £1.14m from a year ago.
Overall, it advanced nearly £445.7m to the UK businesses, around three-fold increase since 2014.
MarketInvoice CEO and co-founder Anil Stocker said: “Our growing institutional investor base on the platform has enabled us to support a broader pool of businesses.
“The invoice finance and asset-based lending sector is providing more finance to UK businesses than ever before. Funding volumes are up 13% year on year and stand at just over £22 billion. This is the highest figure ever.”