MarketInvoice has provided £129.6m (€152m) in funding to British businesses over the first quarter of this year, up from £81.1m in the same period of 2016.

The UK-based peer-to-peer lender launched MarketInvoice PRO, its invoice discounting service in February. MarketInvoice said the launch of this service largely drove its growth.

The results in the first quarter of 2017 achieved a record for the lender. In March, MarketInvoice funded invoices worth £54.7m, and the total value of invoices funded since the company began reached £1.2bn.

Anil Stocker, chief executive officer and co-founder of MarketInvoice, said that MarketInvoice’s results were part of a wider trend of businesses leaving traditional funding sources.

He said: “The achievement mirrors industry trends where asset-based finance is increasingly taking market share from traditional forms of working capital options.”

“Businesses are looking beyond their obvious ‘go-to’ options and realising they can use invoice finance in an effective and meaningful manner.”

MarketInvoice said its main strategic ambition was to support a wider range of businesses with its invoice finance offering.