British fintech startup MarketInvoice announces that they have pulled in 5 million pounds in new funding from Northzone and Paul Forster, co-founder and former CEO of job search engine Indeed.com, per a press release from the company. Northzone will join the startup’s board as part of the deal, while MarketInvoice intends to use the new funding to scale its operations.
MarketInvoice, which launched back in 2011, acts a peer-to-peer marketplace for invoices, allowing companies to sell their long-dated invoices to investors. The company reports that nearly 300 million pounds have been traded across the platform, including 200 million this year alone. The startup says that, in August 2013, the British government began investing in SME invoices through MarketInvoice, as part of its Business Finance Partnership scheme. That partnership would entail channeling 40 million pounds through the platform over a 12-month period.