MarketInvoice is a peer-to-peer business lender. It is said to be the UK’s first online marketplace, allowing small and medium-sized ("SME") businesses to sell online (against an administrative fee) outstanding invoices to institutional investors and raise working capital. To date, over £740m volume of invoices have been funded through the platform, which lends approximately £14,700 a minute. (sources: company's website; City A.M. December 11, 2015) Going forward and during 2016, the business, reportedly, hopes to reach the funding of a total of £1bn volume of invoices. (London Loves Business, 4 February 2016)
Based upon the submission of a business' financial information, as well as bank statements and their subsequent successful cloud-based verification, a company is able to receive funding from a network of investors, who buy invoices from SME companies. Eligible businesses are required to be a limited or LLP company in Ireland or the UK, have an over £100,000 turnover and at least 6 months of trading history, amongst others.
Currently, only asset managers, hedge funds, corporate treasuries, high net worth individuals from around the globe, as well as the UK Government-owned British Business Bank are classified by MarketInvoice as "suitable" investors. However, the company is said to be planning, "at some point" in 2016, to let retail investors help fund SME businesses, by looking at ways to enable ordinary members of the public to pool their money, which would be used to provide funding. (Sunday Express, 20 September 2015) (Nothing further in relation to this has been found since that date.)
MarketInvoice is a member of the Peer-to-Peer Finance Association.