- Giles Andrews OBE appointed Chairman of MarketInvoice
- Appointment to support growth ambitions, double lending to £2bn
20th March 2017, London; MarketInvoice, the world’s largest peer-to-peer invoice finance platform, has today announced the appointment of Giles Andrews as chairman of the board of directors. He will work directly with co-founders Anil Stocker and Ilya Kondrashov to drive scale in the business as well as chairing and managing the board of directors.
Giles is an experienced entrepreneur with over 25 years’ experience and a strong track record of building successful, challenger businesses. He is the chairman of Zopa, the world’s first peer-to-peer lending platform, a business he co-founded in 2004 and led as CEO from 2007 to 2015. Zopa is disrupting retail financial services by providing better value and service to the UK consumer lending market. Zopa recently announced plans to launch a next generation bank to extend the range of products it can offer customers.
Giles is also chairman of Bethnal Green Ventures, the accelerator for start-ups using technology to make social or environmental impact. He read Experimental Psychology at Oxford University and has an MBA from INSEAD. He received an OBE for services to financial services in the 2016 New Year’s Honours list.
The appointment comes at an exciting time for MarketInvoice as the business gears itself to achieve their £2bn funding goal in 2017 and follows the launch of MarketInvoice Pro, a new funding product that offers larger businesses a credit line against all their outstanding invoices.
MarketInvoice business highlights (last 12 months):
- Funded over £1.1bn against invoices (to date, since 2011), lending £2,196 lent every minute to UK businesses in 2016
- Raised £7.2m (series B) in recent investment round from European venture capital fund Northzone and private equity group MCI Capital
- Increased headcount to 90 people and moved into new offices in Shoreditch, London
- Secured new funding partnerships with local authorities in with Leeds and West Oxfordshire.
MarketInvoice’s strategic ambition is to broaden its reach by offering a wider range of lending products to a broader set of firms, from start-ups to businesses looking to scale-up, ensuring that even more companies can get paid faster by financing their invoices allowing business owners to save time and focus on what’s most important – running their business.
On the new appointment, Anil Stocker, CEO and co-founder of MarketInvoice commented: “In preparing the business for the next phase of growth, we are delighted to welcome Giles as chairman of the board. His expertise in building businesses and extensive experience of the peer-to-peer lending sector will provide just the perspective and guidance MarketInvoice requires to scale new heights.”
“This appointment is yet a further signal of our intent to shaking-up and challenging the mainstream market. MarketInvoice is committed to evolving its proposition in delivering smarter, faster finance to businesses and consistent returns for investors.”
Giles Andrews, chairman of MarketInvoice commented: “MarketInvoice is transforming the landscape of the business finance industry. I have long been fascinated by their game-changing and innovative attitude. I look forward to working with the team in channelling their drive and ambition.”
MarketInvoice is the world’s largest peer-to-peer invoice finance platform. Launched in 2011 and based in London and Manchester, MarketInvoice has provided over £1.1 billion in funding to thousands of UK businesses (as of 28th February 2017).
MarketInvoice helps thousands of businesses overcome the lengthy payment terms of their customers and has funded over 70,000 invoices. Businesses can choose between having an open funding line against their outstanding invoices (MarketInvoice Pro) or decide which invoices (Select) they want to finance, unlock tied-up cash in 24 hours at competitive rates. It’s fast, flexible funding for growing businesses to hire more staff, launch new products and pay their suppliers.
In 2013, the UK government via the British Business Bank, began lending to businesses through MarketInvoice. This partnership has now seen more than £100m provided to small businesses in the UK. MarketInvoice is a member of the Peer-to-Peer Finance Association and is backed by private equity group MCI Capital (also invested in iZettle, Azimo, Gett, and Auctionata) and leading European venture capital fund Northzone (invested in Spotify, Trustpilot, and SpaceApe).