MarketInvoice launches new partner incentives
By Anil Stocker, co-founder and CEO
MarketInvoice, the world’s largest peer-to-peer online invoice finance marketplace, has recently launched a new commission structure for partners, including accountants, commercial finance brokers and financial advisers to drive the company’s ambition in doubling lending to £2bn in 2017.
The successful adoption of MarketInvoice Pro, the company’s new, confidential invoice discounting service (launched earlier this year) which offers businesses a funding line against all their outstanding invoices, has propelled growth in 2017. MarketInvoice provided record funding to UK businesses in March 2017 (£54.7m) and delivered 60% year-on-year growth in funding from £81.1m (Q1 2016) to £129.6m (Q1 2017).
To date, MarketInvoice has funded £1.2bn in invoice financing for UK businesses and is set to achieve the landmark £2bn ambition in 2017. In moving towards this, MarketInvoice will offer accountants, commercial finance brokers and financial advisers a 40% share of the MarketInvoice subscription fee in the first year from all new clients referred to MarketInvoice Pro, and 20% every year they remain a client thereafter.
MarketInvoice is a transparent, trusted and proven business that services over 50% of the selective invoice finance market and is now making steady headway into the invoice discounting market, only two months since launching MarketInvoice Pro.
All partners will have access to the introducer partner portal to refer clients directly and to track their progress. They will receive transparent updates on commissions and the support of a dedicated partnership manager.
On the portal, clients will be able to immediately apply for an invoice finance facility and be given an indicative quote. Once MarketInvoice has run their due diligence and funding decisions are made, the client account will be set up and funds can be withdrawn from within seven days of set-up.
Anil Stocker, co-founder and CEO at MarketInvoice, commented: “In structuring this commission structure, we acknowledge the trusted status which accountants, commercial finance brokers and financial advisers have with businesses. We want to build on that trust and deliver additional value to their clients across the country, while ensuring that they benefit from our success.”
“Our success has been driven by the product service and customer experience we promise and deliver. 80% of businesses that come to MarketInvoice have never used invoice finance previously and over time, we have built an 81% retention among them over five years. These businesses grow, typically, 35% per annum while they remain with us; we want to be able to service them further as they head into peak growth phases and MarketInvoice Pro provides the means to do so.”
MarketInvoice’s business highlights of the last 12 months include:
- Funded against invoices worth over £1.2bn (to date, since 2011)
- £2,196 lent every minute to UK businesses in 2016
- Provided record funding to UK businesses in March 2017 (£54.7m) and delivered 60% year-on-year funding growth from £81.1m (Q1 2016) to £129.6m (Q1 2017)
- Raised £7.2m (series B) in recent investment round from European venture capital fund Northzone and private equity group MCI Capital
- Appointed Giles Andrews, founding father of peer-to-peer lending, as chairman
- Secured new funding partnerships with local authorities in Leeds and West Oxfordshire.
MarketInvoice’s main strategic ambition is to broaden its reach to be able to support a wider range of businesses, from start-ups to larger businesses looking to scale up. By helping even more companies get paid faster by financing their invoices, business owners can save time and focus on running their business.