MarketInvoice allows you to sell invoices to investors online, but is now set to be able to do so through accounting software through its latest partnership with Xero.
The agreement will allow those who sign up to the service to apply for invoice finance with just three clicks within your accounts platform with the prospect of near-instant approval.
MarketInvoice CEO Anil Stocker said: “We’re harnessing two pioneering innovations to put power back in the hands of business owners. By bringing big data and intelligent finance together we can help businesses access funding in a tiny fraction of the time it takes to meet your bank manager.”
The tie-up isn’t just about speed and convenience. Handing access to accounts data to the funder makes it easier for them to make a decision more accurately.
As well as speedier access to your data which would usually be accessed through Companies House and the normal data they would need for the application, they will also have access to a list of your suppliers and invoices from the past six months.
This partnership is part of a growing interest in tie-ups between alternative funders and other financial companies. Funding Circle, the P2P lending platform, recently agreed a referral deal with Santander to support business customers which don’t quite match the bank’s lending criteria.
Other alternative lenders have expressed a determination to be accessible directly through accounting platforms in the past, so expect to see more and more funders vying for your attention through these channels in the future.
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