MarketInvoice and KPMG announced a strategic alliance to help small businesses access the finance and advice they need to accelerate their growth.
Research from KPMG shows that under current growth rates, big banks stand to lose 10 percent of their market share to alternative finance providers in the next five years; however, this could increase if the rate of change and development of challengers accelerates further.
The alliance between KPMG and leading alternative finance provider MarketInvoice will enable customers of KPMG’s Small Business Accounting Service to access MarketInvoice finance directly through their accounting software. The alliance will also include a business education programme incorporating regional events, webinars, e-books and online ‘accountancy clinics’ for small business owners.
Anil Stocker, CEO of MarketInvoice, said: “The world of finance is changing; fintech companies like MarketInvoice offer new ways for businesses to access finance quickly, simply and transparently, direct from their accounting software. It’s great that KPMG is backing this movement, and is helping to make more UK businesses aware of the latest funding options available to them. We’re excited to work together to drive the growth of UK small businesses and the economy.”
MarketInvoice provides small businesses with working capital finance against future payments set to come into the business; whilst KPMG Small Business Accounting offers a complete accounting service to small businesses, including bookkeeping, accounts, tax, payroll, management reporting and funding advice for a fixed monthly fee.
Bivek Sharma, Head of Small Business Accounting at KPMG, added: “Our objective is to help our customers grow and run their businesses as effectively as possible. This alliance supports that goal, as it will help KPMG customers to access finance as quickly as they require it. By combining cloud-based accounting services with online finance, businesses can access the funds they need more easily than ever.”
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Ella Sykes or Louise Watson
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MarketInvoice is a peer-to-peer business lender for short term finance. Businesses can access funds in 24 hours against outstanding invoices, licenses, contracts and subscriptions.
Launched in 2011 and based in London, MarketInvoice has helped hundreds of businesses overcome the lengthy payment terms of their customers. More than £450m has been raised through the platform, with businesses using the funds to hire more staff, launch new products and pay their suppliers.
In August 2013, the UK government – via the British Business Bank – began lending to UK small businesses through MarketInvoice. This partnership has now seen more than £50m funded to UK small businesses.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.