# Varengold Bank AG to provide £45m to UK SMEs through MarketInvoice Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-09-20 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Varengold Bank AG Partnership Drives MarketInvoice Milestone Meta Description: Discover how MarketInvoice achieved a £1.5b milestone with Varengold Bank AG, offering £45m in funding annually for UK businesses. Learn more here! URL: https://financedigest.com/varengold-bank-ag-to-provide-45m-to-uk-smes-through-marketinvoicehtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd200917-14-1736843472647-compressed.jpg) - German Bank Varengold enters strategic partnership with MarketInvoice - MarketInvoice reaches landmark £1.5b funding milestone - _MarketInvoice Pro_ take-up driving interest from institutional investors Business finance [company MarketInvoice has signed an agreement](https://www.financedigest.com/french-unions-unanimously-sign-wage-agreement-with-edf-company-says.html "French unions unanimously sign wage agreement with EDF, company says") with Varengold Bank AG to provide £45m funding annually on its invoice finance platform. This will fund [working capital solutions for businesses](https://www.financedigest.com/are-businesses-using-cybersecurity-as-a-scapegoat-for-a-desperate-return-to-office-working.html "Are Businesses Using Cybersecurity As A Scapegoat For A Desperate Return To Office Working?") across the UK. Overall, sums [advanced to UK businesses from institutional investors](https://www.financedigest.com/asia-stocks-advance-as-investors-await-u-s-midterm-election-results.html "Asia stocks advance as investors await U.S. midterm election results") via MarketInvoice have increased more than 4-fold since 2014 from £27.8m to £116.3m in 2017. Cumulative funding from institutions stands at £296.2m which represents a quarter (26%) of the total funds advanced to UK businesses. MarketInvoice has today reached the landmark milestone of providing £1.5b [funding](https://www.financedigest.com/impact-com-fiscal-year-h1-2021-1-5b-valuation-150m-in-funding-bigcommerce-integration-69-customer-growth.html "impact.com Fiscal Year H1 2021: .5B Valuation, 0M in Funding, BigCommerce Integration, 69% Customer Growth") to UK businesses. The first £1b was achieved after 5 years of trading in [December 2016 and just 10 months](https://www.financedigest.com/spains-12-month-inflation-slows-down-again-in-december-to-5-8.html "Spain’s 12-month inflation slows down again in December to 5.8%") later, the company has reached £1.5b. [Supporting 18,700 jobs at the businesses](https://www.financedigest.com/factbox-reaction-to-uks-energy-support-package-for-businesses.html "Factbox-Reaction to UK’s energy support package for businesses") MarketInvoice serves, over 70,000 invoices have been funded to help ease cash flow and become an enabler for growth and expansion. August 2017 was a [record funding](https://www.financedigest.com/norways-wealth-fund-loses-record-174-billion-in-first-half-of-2022.html "Norway’s wealth fund loses record 4 billion in first half of 2022") month at MarketInvoice since it launched. £74.1m worth of invoices were funded to businesses across the UK, a 109.4% increase on August 2016 (£35.4m). The recent increase in interest from global institutions and rise in funding levels has come since the launch of [_MarketInvoice Pro_](https://www.marketinvoice.com/pro) and mirrors the up-take of the product by UK businesses. MarketInvoice Pro is a confidential invoice discounting facility, [launched earlier this year](https://www.financedigest.com/with-uk-food-price-inflation-at-46-year-high-lawmakers-launch-probe.html "With UK food price inflation at 46-year high, lawmakers launch probe"), offering businesses a funding line against their outstanding invoices. This product upgrades the MarketInvoice offer from its long-standing invoice-by-invoice product called [Select](https://www.marketinvoice.com/products/select). **Dan Walker, Head of London Office, of Varengold** [Bank AG commented:“We have been looking at the fintech sector for some time](https://www.financedigest.com/how-to-nail-your-banking-audition-every-time.html "How to nail your banking audition every time"). MarketInvoice and its peer-to-peer invoice finance platform presented a fitting opportunity for us. In particular, we were attracted by their products, approach to [risk](https://www.financedigest.com/economic-growth-risks-jolt-inflation-obsessed-markets.html "Economic growth risks jolt inflation-obsessed markets") management and ambition for growth.” **Anil Stocker,** [CEO and co-founder of MarketInvoice said:“Institutions have played a significant role in our growth story and over the past few years](https://www.financedigest.com/adidas-shares-leap-on-results-but-ceo-warns-of-bumpy-year.html "Adidas shares leap on results but CEO warns of bumpy year"). This commitment from Varengold is further proof of our ability to provide finance to high [growth businesses](https://www.financedigest.com/albumin-market-in-depth-analysis-business-strategies-and-growth-rate.html "Albumin Market In-depth Analysis, Business Strategies, and Growth Rate") across the country, we’re excited by their support of our mission.” “We look forward to building on this relationship as we scale into larger funding lines through our new MarketInvoice Pro product. I’m sure we’ll [see](https://www.financedigest.com/china-equities-weigh-as-em-sees-another-month-of-outflows-iif.html "China, equities weigh as EM sees another month of outflows – IIF") many more examples of this type of collaboration in the coming months.” On reaching the £1.5b milestone, **Anil Stocker** added: “Our [whole team](https://www.financedigest.com/are-your-it-team-telling-you-the-whole-truth.html "Are your IT team telling you the whole truth?") is proud to be supporting the back-bone of the British economy – businesses doing great work in media, technology, design, construction, manufacturing, education, and many more. This is a huge milestone for us as a funding platform. We started the [company to provide businesses](https://www.financedigest.com/truic-evaluates-the-biggest-business-incorporation-companies-in-the-us.html "TRUiC Evaluates The Biggest Business Incorporation Companies in The US") with choice, flexibility and an easy-to-use funding solution. Companies have been able to access funding from £10,000 to £3 million against invoices, to fund their working capital, which is vital to the success of small companies [dealing with growing orders and long payment](https://www.financedigest.com/sabadell-in-talks-with-worldline-nexi-and-fiserv-for-payments-deal-sources.html "Sabadell in talks with Worldline, Nexi and Fiserv for payments deal -sources") terms. This funding has supported [fast growing](https://www.financedigest.com/building-a-fast-growing-start-up-as-a-female-founder.html "Building a Fast-Growing Start-Up as a Female Founder  ") companies to launch new products, hire more staff, and export to new markets.” MarketInvoice’s main strategic ambition is to broaden its reach to be able to support a wider range of businesses, from [start-ups to larger businesses](https://www.financedigest.com/why-start-ups-fail-5-barriers-to-business-success-and-how-to-overcome-them.html "Why start-ups fail: 5 barriers to business success and how to overcome them") looking to scale up. The company aims to help even more companies get paid faster by financing their invoices, so business owners can save [time and focus](https://www.financedigest.com/why-manufacturers-mustnt-lose-their-green-focus-in-troubled-times.html "WHY MANUFACTURERS MUSTN’T LOSE THEIR GREEN FOCUS IN TROUBLED TIMES") on running their business. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---