Fintech lender MarketInvoice has secured Series B funding from major banks including Barclays and Santander’s fintech fund Inno Ventures.
It’s the first major UK fintech debt and equity funding in 2019, coming just ahead of Brexit.
The funding will help MarketInvoice expand its UK business operations and values the company at £85 million ($110 million).
UK fintech MarketInvoice has kicked off the funding market for 2019 with the backing of Barclays and Santander as part of a £56 million ($72 million) debt and equity financing.
The companies declined to comment on valuation, but documents filed with Companies House suggest the deal valued MarketInvoice at about £85 million, according to the FT.
The deal demonstrates a disruptive shift in the consumer banking industry. The success of challenger banks and payment services such as Revolut and investment platforms including Robinhood have highlighted the potential gold mine in tapping millennial spending. Big banks have taken notice, with Goldman Sachs, JPMorgan, UBS among those that are also ramping up their expansion.