- John Flint to succeed Stuart Gulliver as HSBC’s Group CEO
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- Banks must tailor their marketing to individual customers, says Optimove
- Fewer than one in ten seek professional advice about financial protection, says HSBC
- OakNorth secures new investment to boost UK businesses in 2018
- US Faster Payments Governance Framework Formation Team announced
- ACI Worldwide and STET team to drive European immediate payments adoption expired
- Barclays’ Chief Compliance Officer to leave expired
- Lords Sub-Committee to look at how financial regulation will evolve after Brexit expired
- Bank of America delivers positive operating leverage in Q3 expired
- JPMorgan Chase delivered solid Q3 results, says CEO expired
- Wells Fargo’s Q3 results hit by the impact of mortgage-related litigation expired
13th October 2017
MarketInvoice has record Q3 demand for finance
Business finance company MarketInvoice observed record quarterly demand from UK businesses for invoice finance in Q3 2017; £196.2m worth of invoices were funded in the quarter, of which £74.1m was funded in August alone – a record month for MarketInvoice, providing UK businesses with critical working capital.
The value of invoices funded is up 67 per ent year-on-year, from £117.6m (Q3 2016) to £196.2m (Q3 2017), as the business moves closer to reaching the £2bn funding milestone. Current cumulative value of invoices funded since 2011 has reached £1.55bn, of which £500.4m has been funded in 2017 alone.
The growth has largely been fuelled by the MarketInvoice confidential invoice discounting service, launched in February 2017. The facility, which offers businesses an open funding line against their outstanding invoices, was the first new service launch by MarketInvoice since it was established in 2011.
Nehal Mittal, VP Finance & Strategy at MarketInvoice, said: “We are proud to be supporting UK businesses as they deliver goods and services here in the UK and abroad. 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.”