Barclays today announced it has acquired a significant minority stake in London-based fintech Marketinvoice, in a deal that will utilise the startups technology to provide £1bn in capital for the UKs small businesses.
City A.M. understands the deal will also see Barclays lead Marketinvoices upcoming series B fundraising round, which is due to close in the next couple of months.
As Europes largest online invoice financing platform, Marketinvoice has received over £18m in publicly-disclosed funding to date. It is also backed by early Spotify investor Northzone and private equity group MCI Capital.
The new partnership is part of Barclays plans to invest in new business models for growth, and is the first of a series of banking deals to come for Marketinvoice.
The proposition will be introduced to Barclays clients over the coming months in areas across the UK, with a full roll-out set to commence nationwide in 2019. Barclays also plans to fund invoices via the platform in the future.
The news comes as Santander announced its own fintech partnership this morning, marking its first Open Banking integration with London startup Moneybox.