Banco BNI Europa (BNI) and Varengold Bank AG have signed agreements to invest £90m and £45m respectively on the MarketInvoice platform to support UK businesses.
Portuguese bank Banco BNI Europa initially invested £28.3m in 2016 through the P2P platform and followed that up with an additional £45m in May 2017.
The bank has doubled that investment by adding a further £90m to the MarketInvoice platform.
German-based Varengold Bank AG invested £45m in September 2017 and has now added a further £45m to support the funding needs of UK businesses.
Pedro Coelho, executive chairman at Banco BNI Europa, said that its experience of working with MarketInvoice since 2016 had been exceptional.
“Our values are aligned on delivering innovative, quick and easy-to-use products that help growing businesses.
“Their ability to deliver fast and timely funding means that our investment is being well utilised.
“Furthermore, with the onset of Open Banking in the UK, we expect they will get funding to companies faster, who will in turn grow, hire more people and ultimately generate economic growth.”
Lukas Diehl, executive vice-president of marketplace banking at Varengold Bank AG, added: “The MarketInvoice model has proven itself to be a dynamic marketplace servicing a vast swathe of businesses.
“Increasing our investment was a straightforward decision, in keeping with our ambition to become the bank of choice for the marketplace-lending industry.
“In the year ahead, as Brexit looms, there is significant upside for MarketInvoice in all scenarios.
“The company is well placed to serve UK businesses providing export goods and services or those firms that are [wary] of the trading environment.
“Cash flow will be central to all businesses and MarketInvoice is well placed to service their funding needs.”
Last week, MarketInvoice announced that it had reached the milestone of funding £2bn worth of invoices and business loans to UK companies.
Anil Stocker, CEO and co-founder of MarketInvoice (pictured above), said: “The volume and value of invoices we're funding is higher than ever before.
“This is all down to businesses choosing diversity in funding source.
“Our growing institutional investor base on the platform has enabled us to support a broader pool of businesses.
“The invoice finance and asset-based lending sector is providing more finance to UK businesses than ever before.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
84% would change financial services provider due to poor complaints experience
More than eight out of 10 customers (84%) claim that they would change financial services provider due to a poor complaints experience, according to the latest research...
City of London Group posts £3.6m pre-tax loss after absorbing banking licence costs
City of London Group PLC (COLG) has reported a pre-tax loss of £3.6m for the year ended 31st March 2019 after absorbing £1.7m of costs associated with applying for a UK banking licence and acquisition of Acorn to Oaks Financial Services Limited...
Redwood Bank appoints two new BDMs
Redwood Bank has appointed Dan Carter (pictured above, left) and Sue Young (right) as BDMs...
Sainsbury’s Bank updates residential and BTL mortgage ranges
Sainsbury’s Bank has updated its residential and BTL mortgage ranges...
Gatehouse Bank names new HR business partner
Gatehouse Bank has appointed Amy Lloyd (pictured above) as its new HR business partner...
Cynergy Bank aims to grow loan book up to £6bn by 2022
Cynergy Bank plans to grow its loan book to between £5bn-£6bn by 2022...
When uncertainty lends itself to opportunity
With £5.5bn of lending and rates pushed low, the second half of 2018 may have looked like an unusual time to launch a new lender into the bridging market...
Starling Bank partners with CreditLadder
Starling Bank has partnered with rent recognition platform CreditLadder to help its customers improve their credit score and get on the property ladder...
Paragon reduces rates on second charge mortgage range
Paragon has reduced the interest rates on its second charge mortgage products...
Hanley Economic BS launches RIO mortgage range in Scotland
Hanley Economic Building Society has launched its range of retirement interest only (RIO) mortgages in Scotland following feedback from its Scottish intermediary partners...
allpay.cards named as card provider for new mobile business banking service
Card manufacturer and bureau allpay.cards has revealed that it will provide the cards for the new Amaiz mobile business banking service...