Barclays in MarketInvoice partnership for SMEs
Written by Peter Walker
Barclays is partnering with Europe’s largest online invoice financing platform MarketInvoice to help small and medium enterprises (SMEs) in the UK manage cash flow and accelerate growth.
The bank has committed to a significant minority stake in the FinTech firm to give Barclays’ SME clients access to innovative forms of finance. Founded in 2011, MarketInvoice has funded invoices worth more than £2.7 billion, helping small businesses with their cash flow.
The proposition will be introduced to Barclays’ SME clients over the coming months in areas across the UK, including the East Midlands, West Midlands, Herts and North West London, with a full roll-out set to commence nationwide in 2019.
Ian Rand, chief executive of Barclays Business Bank, said that invoice finance has come of age in the digital era. “A number of our clients told us that they feel pressured into offering longer payment terms in order to stay competitive – this ties up their cash flow, preventing them from seizing growth opportunities.
“Our corporate bank already offers invoice financing to large businesses, so it’s great news that we’re able to extend the proposition to work for our SME clients as well,” he added.
Barclays also recently launched £100,000 unsecured lending for SMEs, doubling its maximum for unsecured business loans from £50,000 to £100,000.
In April, the bank established Barclays UK Ventures, to focus on developing new business lines and promoting innovation through a combination of organic build-out, commercial partnerships and venture investments.