Investec forms groundbreaking partnership with UK FinTech
It is the first move by a bank to outsource the provision of some of its client-facing banking services to a technology platform
Investec has formed a pilot programme with MarketInvoice, a British online lender to businesses, in the first move by a bank to outsource the provision of some of its client-facing banking services to a technology platform.
London-based MarketInvoice, which arranges loans for small companies secured by accounts receivable, will handle the underwriting for Investec customers in the partnership, according to the bank’s website. Investec will provide £50m ($67m) in the first year to fund the loans.
“We’re excited to be partnering up with an entrepreneurial team at a global bank such as Investec who share our vision to support ambitious growing UK businesses,” Anil Stocker (pictured), co-founder and of MarketInvoice, said.
“Our technology, coupled with their strong brand recognition, is what makes this collaboration so exciting.
“We believe there is much scope for traditional banks to partner with the latest FinTech players, to better service the market. Open Banking should encourage and empower banks to deliver the highest innovation and customer service to their customers.”
MarketInvoice has previously secured funding deals with Portuguese online bank Banco BNI Europa and German private bank Varengold.