Peer-to-peer (p2p) lender MarketInvoice has partnered with Veritas Commercial Services, a UK-based credit management company, to provide invoice finance.
The agreement will allow businesses with a turnover of £300,000 (€330,062) who adopt p2p lender’s credit control add-on to use MarketInvoice Pro, the invoice discounting service launched in February. Initially the service was aimed at larger businesses, available only to those with a minimum turnover of £1m.
MarketInvoice said the deal would open up invoice discounting to 400,000 businesses that were previously ineligible for the service. Earlier this year, MarketInvoice allowed invoice finance to be denominated in euros and dollars as well as pounds following a 35% rise in foreign currency invoice finance.
Anil Stocker, chief executive officer and co-founder at MarketInvoice said: “Invoice finance helps to bridge long payment terms and credit control prevents late payment, all with the aim of improving a business’ working capital cycle. The strategic alliance with Veritas will enable us to support a broader range of businesses across the UK.”
Jenny Oldfield, chief executive officer at Veritas Commercial Service, said: “As a result, more small, growing businesses will now be able to benefit from a fully integrated invoice finance facility and credit management service that puts them firmly in control.”