MarketInvoice raises £7m to fund expansion plans
MarketInvoice has raised £7m in a recent funding round. The marketplace lender, which has previously focused on small business lending, plans to extend its reach to include start-ups and medium-sized firms as it looks to expand overseas.

MarketInvoice, a UK-based P2P lender has secured more than £7m in its latest round of fundraising, defying the economic uncertainty around startups following the UK's controversial vote to leave the European Union.

The funding was led by Polish private equity group MCI Capital which has also invested in Azimo, an online money transfer startup. Other investors included existing backer Northzone.

MarketInvoice has hitherto focused its efforts on small business lending but will now look to include startups and medium-sized businesses as it eyes international expansion. It also expects to surpass £1bn in lending later this year.

The UK's fintech sector has faced some uncertainty following the Brexit vote and the MarketInvoice deal is the first multimillion fundraising for a P2P lender since the referendum. And according to Sylwester Janik, senior partner at MCI Capital, the Brexit aftermath may actually aid startups, especially P2P lenders.

"Following the result of the UK referendum, many might perceive investing in fintech as a risk. With MarketInvoice it's actually the opposite. We see an economic slowdown and a distracted banking sector and a potential opportunity to fuel growth of the platform."

These sentiments were echoed by MarketInvoice co-founder Anil Stocker. "Recent intervention by the Bank of England suggests we might see a significant reductions in bank lending. As in the aftermath of 2008, P2P lenders can once again step in to provide that funding."

Earlier this month, currency transfer startup Revolut managed to raise more than £10m in less than 10 hours in a crowdfunding project.