PWC has moved further into the alternative finance space by joining forces with another major platform.
A deal between the accountancy firm and Market invoice was struck yesterday and the arrangement will see PWC informing its clients about the services that Market Invoice offer, while the platform will refer SME owners to the My Financepartner team at PWC. .
My Financepartner is a cloud-enabled accounting service that helps small businesses access the expertise and support offered to many of the UK’s leading companies on a flexible basis at an affordable price. Once a business is signed up it will receive a number of mentoring sessions from the My Financepartner team who will offer advice on finance and growth strategies.
Anil Stocker, CEO and Co-Founder of Market Invoice, said:
“Through the advice and expertise of PwC, and the fast, innovative working capital funding available through Market Invoice, small business can accelerate their growth.
Peer-to-peer lenders are set to lend £1 billion to UK businesses this year and Co-Founder believes Market Invoice will account for more than 20% of that figure.
“Many accountants are already referring their clients to us. From a business-owner’s perspective, it can be tricky to navigate the many new innovative products entering the business finance market. Businesses expect their accountant to be an expert in alternative sources of finance, and the PwC team is demonstrating its forward thinking in tackling this challenge. Over the coming months we expect to be working even more closely with hundreds of accountants across the UK" Mr Stocker added.
This is the second deal that PWC has entered into after announcing a very similar partnership with Funding Circle just two weeks ago. PWC has clearly been taken in by the peer-to-business lending sector and is trying to align itself with the industry before any of the other major accountancy houses.
Tony Price, PwC partner who leads My Financepartner in the UK, says:
“Many of our client businesses are not aware of the range of alternative finance options available. Often they believe that traditional financing routes offer the only options.
“Businesses are demanding new, flexible and faster options for funding, and also new ways for accessing professional advice. My Financepartner enables PwC to provide a flexible accounting service at an affordable rate. Our arrangements with innovative companies like MarketInvoice enable us to get businesses leaders the information and services they need to grow, fast.”
The arrangement will enable PwC to help those businesses access working capital finance through MarketInvoice - which is already being used by hundreds of businesses to hire new staff, export to new markets and launch new products.