- Commended for cutting-edge innovative approach
- Playing a pivotal role in transforming financial services
28th June 2017, London: CB Insights today named MarketInvoice to the prestigious Fintech 250, a select group of emerging private companies working on groundbreaking financial technology. CB Insights CEO and co-founder, Anand Sanwal, revealed the Fintech 250 companies during The Future of Fintech, a gathering of the world’s largest financial institutions, best fintech startups, and most active venture investors.
Anil Stocker, co-founder & CEO, commented: “This achievement is yet further testament to our growth and progress in recent months. We are honoured to be a part of this global family of fintech businesses. Over the past year, as a business we raised £7.2m in an investment round from European venture capital fund Northzone and private equity group MCI Capital to support our growth and investment objectives.”
“We reached the £1b funding milestone at the end of 2016 and have funded over 70,000 invoices to date, worth £1.3b. We work with thousands of businesses and support over 18,700 jobs in the UK economy by providing the necessary working capital solutions to drive success. We’re committed to becoming a major player in the business finance market, and are continually evolving our proposition to deliver smart and easy to use finance to businesses across the UK.”
The CB Insights research team selected the Fintech 250 companies based on several factors including data submitted by the companies and the company’s Mosaic Score. The Mosaic Score, based on CB Insights’ National Science Foundation-funded algorithm, measures the overall health and growth potential of private companies. Through this evidence-based, statistically-driven approach, the Mosaic Score can help predict a company’s momentum, market health and financial viability.
“The financial services industry will see more change in the next 10 years than it has in the last 100. And that transformation is being driven by a group of smart insurgent startup companies. The Fintech 250 are the most promising of these insurgents. They are bringing emerging technologies and business models to financial services that will permanently change the way we handle money and do business,” said CB Insights CEO Anand Sanwal.
MarketInvoice business highlights (last 12 months):
- Funded over 70,0000 invoices worth over £1.3b (to date, since 2011). £2,196 funded 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, the founding father of peer-to-peer lending, as Chairman