MarketInvoice wins City AM's 'Innovation of the Year' 2012 Award
MarketInvoice presents at the ACCA Alternative Finance Conference 2013
Anil Stocker, co-founder of MarketInvoice, discusses innovation in financial services on Sky News
Xavier Rolet, head of the LSE, explains why bank lending is not the right tool for funding SMEs
MarketInvoice co-founder Anil Stocker speaking on Jeff Randall Live on Sky News
Alternatives to Traditional Business Funding: Chuka Umunna Keynote Speech
Alternatives to Traditional Business Funding: Anil Stocker's Presentation on MarketInvoice
Alternatives to Traditional Business Funding: Panel discussion and Q&A session
"Small businesses can take advantage of the low borrowing rates in a new government scheme called 'Funding for Lending.' It works on the principle that the UK Government can borrow much more cheaply than small and medium sized companies, so in troubled times like now the Government should pass on the benefit of that lower borrowing cost to keep businesses afloat, that otherwise might not be able to." - BBC Radio 4, 1st August 2012Listen to the coverage
“The government has announced that as part of the Business Finance Partnership’s £500 million fund for small and medium sized enterprises (SMEs), £100 million will be distributed to alternative finance lenders. MarketInvoice will be applying for £30 million of government funding to go direct to SMEs."- BBC Radio 4, 31st May 2012Listen to the coverage
“This morning's Breedon Report from the Government commissioned task force says small businesses should be looking at alternative ways of raising money. [...] The task force will unveil plans to set up a business finance advice network, more business to business lending and establishing a single body to bundle up and sell on small business loans and it's also calling on bigger firms to help out the smaller ones by paying for services more quickly.” - BBC Radio 4, 16th March 2012Listen to the coverage
“Anyone with a business will know just how hard it is at the moment to borrow money from a bank. Well, one way round that is to consider one of the many forms of alternative funding. Today saw the launch of an umbrella group of these called the Next Generation Finance Consortium.” - Simon Mayo Drivetime, BBC Radio 2, 8th March 2012Listen to the coverage
"Late payment is a lethal thing for small businesses, even ones that appear to be quite healthy financially. [...] In tough economic times like these, people take longer to pay their bills because that is their way of protecting their own cash." - On the Money – Declan Curry, BBC Radio 5 Live, 31st July 2011Listen to the coverage
Though the future looks promising for fintech and London, there are still road-bumps ahead. Both regulation and limits to global expansion are areas of concern for entrepreneurs. Wonga, the short-term loans fintech firm that has attracted controversy for its high interest rates (more than 4,000% in some instances) is now facing the possibility of new regulation at home while it contemplates a multibillion-dollar public offering on Nasdaq. And inevitably banks too will play catch-up with these tech start-ups, says Stocker. He is not the only one who argues that in the long run this will be beneficial for the financial sector overall.
After Lehman I didn’t want to be just a number. But I wanted to do my own thing, and was plotting my own business, so in about a year I launched MarketInvoice. [...] Being made redundant helped me become an entrepreneur. The nature of it is that you have great achievements, then setbacks and I’m better able to deal with them. MarketInvoice is going well and we are now working with the Department for Business Innovation and Skills.
“It’s a convenient way to get money quickly,” said Bell, 29, who founded Zaggora two years ago. She supplies Amazon and other outlets with her clothes, made in the Far East and sold from a base in London’s West End. “Amazon usually pays in 60 days. Sometimes you wait months to be paid.” Last week, Bell auctioned an invoice of about £50,000 to six buyers. The cash was in her account two days later. Over two months she will pay 1% of the invoice value. Market Invoice has helped to fund invoices worth £60m in two years, £42m of this sum in the past 12 months.
Three lenders are to get access to £30m of government funds to boost the funding of small businesses. They will share a pot of money aimed at small and medium-sized businesses (SMEs),according to the Department for Business, Innovation and Skills. By attracting money from private investors as well, the pool of credit available will rise to more than £70m. Business Secretary Vince Cable said it was an “important boost for non-traditional lenders”. The three lenders are MarketInvoice, URICA and Beechbrook Capital. The money comes from the small business tranche of the Business Finance Partnership, through which the government has committed to provide £100m of funding to diversify the sources of finance available to SMEs.
MarketInvoice is a start-up that runs an electronic marketplace in which small firms sell their unpaid invoices to investors at a discount. This lets credit-starved businesses get hold of cash faster than they otherwise would, and gives the buyers a return on the invoices they snapped up. Small firms have received £40m ($64m) via MarketInvoice since it was launched in 2011. Anil Stocker, an ex-Lehman banker and one of the firm’s founders, says his big problem is controlling growth, so as to maintain the quality of the invoices.