Boss of coveted FinTech firm: I don't worry about valuations
The co-founder and CEO of fast-growing FinTech company MarketInvoice has suggested he doesn't lose any sleep over the firm's rising valuation.
London-headquartered MarketInvoice was founded in 2011 and has since funded £2.7 billion worth of invoices and raised £20 million in funding.
The company recently attracted global attention after announcing the UK’s first FinTech-bank collaboration by partnering with Barclays. As part of the deal, the bank acquired a minority in the business, which also has an operation in Manchester.
Anil Stocker, who set up the business alongside fellow co-founder Ilya Kondrashov, told BusinessCloud that hitting big valuations are not at the forefront of his mind.
"I don’t really think like that,” he said. "I don’t wake up and think: what’s my valuation today?
"I wake up thinking how can we help more businesses? How can we grow the team? How can we hire the best people? How can we get our metrics up?
"If you do that then the valuation will follow. You’ve got to work on the fundamentals of the business – not just look at what the newspapers are saying about your value,"
Since launching in 2011, MarketInvoice has been backed by European VC fund Northzone and private equity group MCI Capital, a backer of Swedish mobile payments company iZettle and Gett.
The company has raised just over £20 million in funding but its valuation remains private.
Speaking about the Barclays deal, which will involve giving the bank’s customers access to MarketInvoice’s offering, Stocker said he predicts there will be more collaboration between banks and FinTech firms.
"When we started in 2011 a lot of the narrative back then was around how FinTechs were going to take on the banks and destroy them – because that’s obviously a controversial message that gets coverage in the media," MarketInvoice boss Anil Stocker told BusinessCloud.
"What you’re seeing now is quite a lot of collaboration between FinTechs and big banks. Like it or not, these banks still have a huge number of customers so it’s a win-win for both of us. You’re going to see a lot more collaboration with banks and we’re not the only ones."
MarketInvoice currently employs around 85 people at its offices in London and Manchester, around a third of whom are in tech, with that number set to grow beyond 50 over the next few years.