London-based fintech business lender Marketinvoice has today closed a £56m round made up of equity and debt funding, led by Barclays and Santander's venture arm Innoventures.
The series B-stage equity funding, which amounted to £26m, also received significant participation from European venture capital firm Northzone, which has previously backed the likes of Spotify, Trustpilot and fellow fintech lender Zopa.
The remaining amount raised is a debt facility of up to £30m, provided by Israeli fund Viola Credit. Marketinvoice said this funding will be used to scale its business lending solution, which works alongside its core invoice financing operation.
Established in 2011, the series B round takes Marketinvoice's total equity funding to date to more than £45m.
The news comes after Barclays took up a minority stake in the fintech firm in August last year, as part of a partnership deal that gave Barclays' small business customers access to lending through Marketinvoice's platform.
The Shoreditch firm said it will use today's funding to deepen its existing partnerships across the UK, increase hiring and promote its business finance arm. It will also forge new deals with fintech banks both in and outside the UK to expand its customer base.
"This investment is perfectly timed for the company," said Marketinvoice chief Anil Stocker.
"By collaborating with bank partners, we will be reaching many thousands of companies here in the UK and abroad to provide them with their business finance needs. We aim to invest in technology, data and strategic partnerships, to take Marketinvoice to the next level."