Welcome to the MarketInvoice May 2012 Newsletter.
Despite the poor weather, spirits at MarketInvoice have failed to be dampened. Co-founders Charles and Anil visited 10 Downing Street to discuss alternative SME finance, while trading on the platform has been brisk. We have now channelled over £13 million to SMEs since our inception in February 2011. April, nearly £3 million of auctions close successfully.
MarketInvoice has had a large amount of coverage in a number of different media, further building on our strong and positive brand image and championing the cause of small businesses.
Trading highlights include:
- We have seen auctions where up to 97% of the invoice face value has been advanced and discount fees as low as 0.75%. This highlights the confidence that the investors have in our invoice marketplace and also shows how active sellers can see the cost of selling an invoice fall over the first 2-3 months of successful auction activity. To date MarketInvoice has overseen the completion of 276 auctions.
- MarketInvoice has nearly 100 clients registered to sell on the platform and queuing up to purchase the invoices are 48 institutional investors and high net-worth individuals. This is encouraging as it shows we are providing a product that business owners and investors like.
- Auctions are as competitive as ever with the seller returning repeatedly to the platform with their invoices (86% this month), thus leading to lower fees as buyers become more comfortable with the seller.
Awards and Press Coverage:
MarketInvoice has had a very busy month of press coverage with a particular highlight being the co-founders’ visit to No.10 Downing Street to discuss alternatives to SME finance. A lengthy feature in the Sunday Times focused on how one of our clients used the MarketInvoice platform to manage her cashflow for her handbag business. A camera crew filmed in the MarketInvoice offices on 24th April; they were recording a piece for Bloomberg Television on small business finance during the recession. Click the image below to watch the video.
The co-founders were interviewed in popular technology publication Wired, who named us their ‘Startup of the week.’
We were also mentioned and covered in The Guardian in a supplement on successful entrepreneurs and business owners as well as in country trade publication the Farmers Guardian and technology publication The Kernel. The Times featured us in an article on hi-tech cash flow management and The Financial Times ran with stories that mentioned MarketInvoice, in two separate pieces.
Featured Case Study: Lisa Kay Limited
Lisa Kay is a Hertfordshire and North London based designer shoe business selling through retailers and wholesalers. With 25 years of experience in the fashion industry, the wholesale business sources quality footwear from Spain and Italy to supply boutique and high street retailers in the UK. Like most consumer retail businesses, Lisa Kay’s customers saw vagaries in footfall and consumer demands thoughout the year and so were delaying payment terms. Lisa Kay was looking for a flexible source of capital to cover its seasonal cash flow swings and take advantage of short-term stock opportunities for the Spring / Summer 2011 season. MarketInvoice’s online platform appealed to Lisa Kay as it provided the ability to flexibly raise working capital but still maintain a close relationship with their debtors. Read and download full case study here
- MarketInvoice nominated for 'Alternative Lender of the Year' by Credit Today - the awards ceremony will take place on 10th May.
- Cranfield University Venture Day 2012 – 10th May, Cranfield School of Management, Bedfordshire, MK43 0AL – Anil Stocker will be on the panel discussing 'Innovative source of funding'. More details.
- Goldman Sachs 10,000 small businesses event – 10th May, Coin Street Community Centre, 108 Stamford Street, South Bank, London, SE1 9NH – Anil Stocker will be speaking and entering a panel discussion on financing options. More details.
- The Next Generation Finance Consortium Open Forum – 11th May, 9:30-11:00 at Hub Westminster, 80 Haymarket, London, SW1Y 4TE
The NGFC will be holding an open forum where entrepreneurs are invited to attend to find out everything they need to know about how to raise finance through non-bank sources. The sessions will include short presentations, audience Q&A and networking opportunities to talk directly to our members. Click here to register.
- Finance 4 Startup Britain Week – 17th May, Hub Westminster, 80 Haymarket, London, SW1Y 4TE – Anil Stocker will be on the panel for 'Exporting for Growth.' For more information & to book tickets.
- Finance 4 Startup Britain Week – 18th May, Hub Westminster, 80 Haymarket, London, SW1Y 4TE - Anil Stocker will be on the panel for 'Tools for Optimising Working Capital.' For more information & to book tickets.
- The Business Startup Show and Great British Business Show – 17-18 May ExCel London, E16 1XL -
MarketInvoice client associate Alistair Lamond will be presenting during the show on Thursday at 3:30pm in Seminar Hall 13 on the topic "Making use of alternative sources of finance". The Business Startup Show is an excellent opportunity for business owners to get advice, guidance and support on growing their businesses. We will be on stand no. 1034. Click here to order tickets.
- Double-dip Recession – What does it mean for small businesses? April 30, 2012
- IMF Reports – European Banks look to deleverage $2.6 trillion April 25, 2012
- How did UK businesses fare in Quarter 1 2012 April 23, 2012
- Return of the Mack – Morgan Stanley chair joins P2P lender April 19, 2012
MarketInvoice in the News
- MarketInvoice coverage in The Guardian – Success stories: entrepreneurs and business owners April 27, 2012
- MarketInvoice coverage in The Financial Times – Match-making over a glass of wine April 26, 2012
- MarketInvoice coverage on Bloomberg – Small Business Finance During a Recession April 26, 2012
- MarketInvoice coverage in Wired.co.uk – Startup of the Week: MarketInvoice April 25, 2012
- MarketInvoice coverage in The Times – Hi-tech helps to keep the customers coming April 24, 2012
- MarketInvoice coverage in The Kernel – 'Going Once, Going Twice… Sold!' April 20, 2012
- MarketInvoice Co-founders visit No. 10 Downing Street April 19, 2012
- Anil Stocker presents at the NGFC Open Forum – NGFC reacts to the Breedon Report & The Budget 2012 April 16, 2012
- MarketInvoice coverage in the Sunday Times – 'Bank loans? They're not my bag' April 16, 2012
- MarketInvoice coverage in Farmers Guardian – 'Can 'selling' your invoices improve business cash flow' April 13, 2012
- MarketInvoice coverage in The Financial Times – 'City moves in on peer-to-peer lending' April 4, 2012