London-based peer to peer invoice financing startup MarketInvoice has raised a £7.2 million Series B, led by MCI Capital with participation from existing investor Northzone.
MarketInvoice says the additional capital will be used to consolidate its claimed position as the leader in invoice financing in the U.K., and for product development. It’s also talking up two new hires, adding to its 100-strong team based in London’s Shoreditch. Lisa Gervis (formerly of Sequoia-backed Elevate Credit and American Express) has joined as Chief Marketing Officer, and Rupert Thorp (formerly of Experian and Sky IQ) is the startup’s new Director of Sales. MarketInvoice’s invoice finance offering works as follows: invoice buyers — such as hedge funds, asset managers, family Offices, and high net worth individuals — bid in a real-time auction to determine how much of an invoice’s value they will provide as capital, minus their cut. MarketInvoice itself then makes money by taking a small cut too.