UK-based financial technology developer MarketInvoice raised £26m ($33.6m) yesterday in a series B round that was co-led by financial services firms Santander and Barclays.
Venture fund Northzone and private credit fund Viola Credit also took part in the round, with the latter additionally supplying $38.8m in debt financing. Santander participated through its corporate venturing subsidiary, Santander InnoVentures.
Founded in 2011, MarketInvoice operates an online marketplace for businesses to sell their unpaid invoices to raise working capital. The company has financed invoices and loans worth more than $2.5bn to date.
MarketInvoice will use the series B equity to form new partnerships and expand its team, as well as launch cross-border fintech-bank partnerships.
Ian Rand, chief executive of Barclays Business Bank, said: “Collaborating with fintech companies like MarketInvoice is an integral part of Barclays strategy for accelerating growth.
“This investment demonstrates our commitment to the partnership we announced last summer which offers hundreds of thousands of our SME clients access to even more innovative forms of finance, boosting cash flow and competition in the market.”
In 2016, MarketInvoice raised $9.6m in a round led by private equity firm MCI Capital through its MCI.TechVentures Fund, with participation from Northzone. The latter had previously backed a $9.4m round in 2015 alongside the family office of Paul Forster.
Both Northzone and Forster took part in the company’s $7.8m funding round in 2014.