The bank said the deal is a key part of its plans to invest in new business models for growth, and MarketInvoice’s plan to broaden its reach across the UK.
Founded in 2011, MarketInvoice has funded invoices worth more than GBP 2.7 billion. Barclays is the first bank to enter into a partnership with the company, giving its customer base access to the fintech’s single invoice finance product and digital invoice finance facilities.
According to the duo, the terms of an invoice normally dictate a long payment period that can be up to 120 days, leaving businesses with a cash flow gap in the interim. With invoice financing, SMEs who sell goods or services to other businesses can upload or sync their invoices to MarketInvoice’s platform and sell them to investors.
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