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.”
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...