The partnership will enable smaller businesses to access a whole ledger confidential invoice discounting service – which has previously been the preserve of larger businesses – by easing the annual turnover criteria.

Businesses with a turnover of just £300,000 can now benefit from MarketInvoice Pro, which provides an open funding line against all outstanding invoices.

Previously, businesses were required to have a turnover of £1m.

The Veritas virtual credit control solution will help businesses to speed up their working capital cycle as well as managing their outstanding invoices collection process – enabling them to get paid on time.

•   MarketInvoice reports record trading day
•   MarketInvoice funds almost £162m of invoices
•   MarketInvoice named in Fintech 250 list

“Invoice finance helps to bridge long payments terms and credit control prevents late payment, all with {the] aim of improving a business’ working capital cycle,” said Anil Stocker, CEO and co-founder at MarketInvoice (pictured above).

“The strategic alliance with Veritas will enable us to support a broader range of businesses across the UK.

“We are excited to be helping even more businesses take charge of their cash flow and not let a lack of funding get in the way of growth.”

Jenny Oldfield, CEO at Veritas Commercial Services, added: “The strategic alliance with MarketInvoice is very exciting.

“As a result, more small, growing businesses will now be able to benefit from a fully integrated invoice finance facility and credit management service that puts them firmly in control.

“The powerful combination of technology and talent from both our organisations brings tangible advantages to SMEs, harnessing cutting-edge cloud solutions and deep expertise to drive improved cash flow and working capital.

“This, in turn, accelerates the flow of liquidity into the UK economy.”