It’s a really exciting time for MarketInvoice. A few weeks ago we announced a $10m funding round, backed by existing investors Northzone and the family office of Paul Forster. We’ve spent four years working really hard to grow our company and prove our model in a disciplined way and we’re super proud of that – but now it’s time to step on the gas and see how big we can go. We operate in a huge market dominated by legacy players, and we fancy our chances at making a meaningful difference over the next few years.
It’s great to have this commitment from our existing investors in Paul and Northzone. We’ve worked closely with them since November last year and they’re excited with our metrics, our values, and our opportunity – this is a real show of confidence from them in our business.
We know that businesses in need of working capital have too few options and are badly under-served by the banks – our vision is to become the go-to destination for working capital and cash-flow finance. That’s going to involve broadening out our product range, so we’re funding more than just invoices – we’re also ramping up awareness of our products through marketing and partnerships. We’re looking to build out the team which already comprises of great individuals with backgrounds in technology companies as well as financial services, bringing a fresh perspective to many of the problems we encounter in the market.
One of the things we’re really proud of at MarketInvoice is how we opened up an investible asset class that the incumbents had kept to themselves for literally hundreds of years. For the last four years institutions and accredited individual investors have received market beating returns through a secured investment into invoices. We want to give more people the opportunity to help drive the growth of small businesses and get a great return at the same time, so we’re planning to enable retail investors to access our platform. There’s a lot of work ahead to achieve this, but needless to say we’re up for the challenge!
The London fintech scene is a great place to be right now. We’re at the start of something special, with old financial giants being challenged by newer, innovative businesses that are using technology and data to create better products that deliver real-world results. We’ve seen this happen in plenty of other industries over the last 20 years – and both Northzone and Paul Forster have been part of this kind of sweeping, industry-wide change. Now is the time for real change in financial services.
We’ve experienced rapid growth at MarketInvoice, fuelled so far by profits. This new investment opens up a new chapter for the business. We can’t wait to deliver.