The Estonian peer-to-peer invoice finance platform, Investly, has launched in the UK, offering its services to small and medium-sized businesses.
The company’s UK launch follows the investment of €600,000 from Venture Capital Group, Investly said in a statement.
Initially, the invoice finance product – giving companies an instant access to working capital – will be available to any UK SME who passes the platform’s sign-up criteria, which include credit checks and confirming the applicant’s identity. Once the credit checks have been cleared, the SMEs can sell invoices to investors within two days.
“Small and medium-sized businesses are dependent on cash to sustain and grow their business, but as they invest in products and people, they may not get money on work completed a month or even 120 days after issuing their invoice. This is putting many businesses at risk – especially smaller ones and those that depend on payments from one or two key customers. Investly brings together investors with growing SMEs in need of vital capital,” Ruth Chamberlain, Investly’s UK country manager, said.
Chamberlain added that, based on in-depth market research, the company expects its product to have an appeal for businesses operating in the IT and media sectors, as well as recruitment and construction.
Investly launched its services in Estonia 18 months ago.
Cover: London (credit: PicHost)