In August 2018, Barclays announced a partnership with leading fintech business MarketInvoice, Europe’s largest online invoice financing platform, to transform the way small and medium enterprises (SMEs) in the UK manage cash flow and accelerate growth. Following a successful pilot programme, the partnership is launching nationwide to all Barclays business bank customers this month.
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, unlocking fast access to funding. Barclays also plans to fund invoices via the platform in the future, growing its asset base further.
Mike Hayden, Head of SME banking for Barclays in South Wales, said:
“We partnered with MarketInvoice to offer an innovative digital solution to address a cash flow challenge faced by many British SMEs. By working closely with our customers, we know that even short-term liquidity gaps can pose a significant threat to profitable growth, especially in the current volatile economic climate.
“Since our nationwide launch last August, the partnership has gone from strength to strength. We are delighted that all of our business customers in Wales can now take advantage of invoice finance giving to future-proof their competitive edge and business longevity.”
Alex Lyma-Young, Development Director at MarketInvoice, said:
“We’re excited to bring this partnership to Wales and support local businesses help achieve their growth ambitions. In focusing on the needs of these entrepreneurs through this collaboration, Barclays and MarketInvoice will truly transform the experience of UK companies in sourcing finance.”
“Barclays has a long history of innovation being the first bank to introduce the credit card and the ATM. It makes total sense to partner and introduce our online business finance solutions for their large customer base.