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Barclays-Supported MarketInvoice Obtains $72 Million In Funding

British finance company MarketInvoice stated recently that it obtained $72 Million (£56 million) in a mix of debt funding and equity from financiers. The London-based financial technology company allows small and medium ventures to sell their unpaid invoices via an online platform to get entry to working capital loans. MarketInvoice stated that the investment included of a £26 Million funding round managed by British bank—Barclays—and Santander Group, in addition to a £30 Million debt dexterity from Viola Credit. The debt funding would go towards the company’s business credit offering. Viola Credit and Northzone—a European venture capital investor—also contributed in the equity fundraising, MarketInvoice stated.

In the last year, Barclays bought an important minority stake in the company, as a part of the planned collaboration that would see bank’s business customers gaining entry to MarketInvoice’s solutions of invoice finance. Anil Stocker—Co-founder and CEO of MarketInvoice—said that the new capital will be used to enhance its business in the U.K. and aid it in forming more collaborations with banks, particularly focus on global tie-ups. Stocker stated to CNBC, “We are utilizing these finances to expand the business in the U.K., which indicates delivering on the tactical partnership that we have with Barclays and spending more on data and technology. With the strategic partnerships especially with Santander, it aids us to go overseas to see how we can function in European countries or further working with their business divisions.”

Recently, Barclays was also in news as it plans to reject most of the financing for Arctic drilling. The UK-based international bank will possibly reject opportunities to sponsor gas and oil drilling in the Arctic along with other climate transformation threats, as per to a new policy it declared recently. In the bank’s statement of “Energy and Climate Change,” it said the bank will be doubtful to finance drilling jobs in Alaska’s ANWR (Arctic National Wildlife Refuge), stating its “mainly pristine and fragile ecosystem” is “centralized to the culture and livelihoods of local indigenous people.”

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