Barclays and Santander Invest in Fintech Startup MarketInvoice
The venture capital arms of Barclays and Santander have led a £26 million Series B funding round in online invoice financing platform MarketInvoice.
Last August, announcing plans to invest in the firm, Barclays said it would become the first high street bank to enter into a strategic partnership with MarketInvoice, rolling out the service to its large SME client base.
Ian Rand, CEO, Barclays Business Bank, said: “Collaborating with fintech companies like MarketInvoice is an integral part of Barclays’ strategy for accelerating growth. This investment demonstrates our commitment to the partnership we announced last summer which offers hundreds of thousands of our SME clients access to even more innovative forms of finance, boosting cash flow and competition in the market."
For MarketInvoice, the fresh injection of funds will be used to build more partnerships, make hires and create cross-border fintech-bank alliances.
Anil Stocker, CEO, MarketInvoice, says: "We’re excited to develop our finance solutions further and become the trusted funding partner for ambitious entrepreneurs. By collaborating with bank partners, we will be reaching many thousands of companies here in the UK and abroad to provide them with their business finance needs. We aim to invest in technology, data and strategic partnerships, to take MarketInvoice to the next level.”