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Peer-to-peer finance provider MarketInvoice raises £7.2m

MarketInvoice

Peer-to-peer finance provider MarketInvoice has raised £7.2m in a round led by MCI.TechVentures Fund of MCI Capital Group.

The Manchester and London-based business finance intermediary was founded in 2011 and allows small and medium-sized businesses who have outstanding invoices to trade these with institutional investors online in order to gain working capital.

Anil Stocker, co-founder and CEO of MarketInvoice, said: “We’re pleased to bring on a new European investor in MCI Capital to further fuel our growth, demonstrating there is still real appetite for investment in UK FinTech. MCI have a proven track record as growth backers of some of Europe’s most exciting tech companies, so we’re delighted to be working together.”

Polish private equity group MCI Capital previously invested in mobile point-of-sale pioneer iZettle, digital money transfer network Azimo, taxi app Gett and online auction house Auctionata.

Sylwester Janik, senior partner at MCI Capital, said: “MarketInvoice is a prime example of a truly innovative business that’s redefining an age-old sector of traditional finance. They provide vital working capital to a continuously underserved segment of customers, where incumbents are reluctant to innovate.”

Existing investor Northzone also contributed to the most recent MarketInvoice fundraising round.

Northzone and Paul Forster, co-founder and former CEO of Indeed.com, backed the firm’s £6m round in August 2015.