LONDON, March 9 (Reuters) - Pension fund-owned lender Fiduciam has agreed to purchase around 50 million pounds ($75.6 million) of invoices each year through peer-to-peer platform MarketInvoice and has earmarked funds to make up to 200 million of purchases.
MarketInvoice allows businesses to raise short-term working capital by selling outstanding invoices direct to investors. About 350 million pounds of invoices have been sold via the platform to date.
Fiduciam normally lends to high-net-worth individuals and companies, with loans secured against property and other high-value assets.
“They join a growing list of investors that also includes the British Business Bank and the Greater Manchester Combined Authority, as well as private investors, hedge funds and pension funds,” said MarketInvoice Co-founder Anil Stocker. ($1 = 0.6615 pounds) (Reporting by Matt Scuffham, editing by Sinead Cruise)