Business finance company MarketInvoice has signed agreements with Portuguese digital bank Banco BNI Europa (BNI) and German bank Varengold Bank AG to add £90m and £45m respectively on its platform.

MarketInvoice’s online platform enables businesses to secure business loans and invoice finance. These working capital solutions are funded by a variety of sources in addition to institutional investors, including the British Business Bank, UK local authorities, global family offices and sophisticated and high net worth (HNW) investors.

Last year MarketInvoice increased the average annual amount advanced to UK businesses to £1.14m from £606,000 in 2016, while the average value of invoices funded rose to £96,597 from £56,495 over the same period.

Overall, sums advanced to UK businesses from institutional investors via MarketInvoice have more than tripled since 2014 from £119.4m to £445.7m in 2017. Cumulative funding from institutions stands at £1.1bn, which represents 52.3% of the total funds advanced to UK businesses.

Banco BNI Europa’s latest capital deployment to the platform of £90m follows its initial investment of £28.3m in 2016 and a further £45m in May 2017. Varengold Bank AG’s latest addition of £45m follows the same amount invested in September 2017.

Last week, MarketInvoice reported that it has funded £2bn worth of invoices and business loans to UK companies since it launched in 2011. The company has provided business finance solutions to thousands of businesses across the UK who employ more than 19,000 people, with over 90,000 invoices funded to 93 countries over the period.

“The volume and value of invoices we’re funding is higher than ever before,” said Anil Stocker, CEO and co-founder of MarketInvoice. “This is all down to businesses choosing diversity in funding source.

“Our growing institutional investor base on the platform has enabled us to support a broader pool of businesses. The invoice finance and asset-based lending sector is providing more finance to UK businesses than ever before. Funding volumes are up 13% year on year and stand at just over £22bn. This is the highest figure ever.”