Digital bank will provide £45m per year to MarketInvoice
Portuguese digital-only bank Banco BNI Europa has signed an agreement with peer-to-peer online invoice finance marketplace MarketInvoice.
It will provide £45m of funding per year to support businesses across the UK after trialling investment last year.
Headquartered in London, MarketInvoice was founded in 2011 and is already backed by private equity firm MCI Capital and venture capital fund Northzone.
Chief executive and co-founder Anil Stocker, said: "Institutions have played a significant role in our growth story and over the past two years have consistently funded almost 60 per cent of the working capital provided to UK businesses via MarketInvoice.
“This new commitment from BNI is further proof of our ability to provide finance to high-growth businesses across the country, we're excited by their support of our mission."
"Banco BNI Europa has shown foresight in adopting a digital strategy and executing it by working with the European peer-to-peer industry. There are strong synergies between us as a fintech platform and BNI as a digital-only bank."
Pedro Coelho, executive chairman of Banco BNI Europa, added: "In 2015, we put in place a digital strategy to drive our investments through fintech platforms. This news is testament to how well it has worked for us.
MarketInvoice has funded against £1.2bn of invoices to thousands of UK businesses as of May 5, 2017.