Online UK business finance company MarketInvoice has established a partnership with global trade-credit insurance firm Euler Hermes to provide credit insurance policies to customers.
The arrangement means that MarketInvoice customers who use invoice finance solutions will be protected in the event their customer becomes insolvent or fails to pay within the agreed terms.
In addition, through a risk prevention tool that monitors a company’s financials, MarketInvoice customers have a forward view on their debtors to improve future trade decisions.
Since its launch in 2011, MarketInvoice has provided nearly £2 billion to companies across the UK through its online platform.
Ilya Kondrashov, COO and co-founder of MarketInvoice said: “The underlying aim of this partnership is to enable companies of all sizes to trade with confidence at home or abroad. This is the joint mission of our businesses and we aim to deliver this for our customers. As Brexit dawns, this partnership arrangement will provide our customers the confidence to expand sales to new buyers and markets.”
Euler Hermes offers business-to-business clients financial services to support cash and trade receivables management. It tracks and analyses daily changes in corporate solvency among small, medium and multinational companies active in markets representing 92% of global GDP.
In 2016, it insured global business transactions for €883 billion in exposure.
Milo Bogaerts, CEO of Euler Hermes UK and Ireland, said: “We live in uncertain times. Trade, investment and consumer spending are driven by confidence, and uncertainty is the enemy of confidence.
“Business leaders need to plan ahead for how future risks like Brexit might impact them and their supply chains. Recent high-profile corporate failures reinforce the need to be increasingly aware of the risks of late or non-payment for goods and services provided on credit.”