MarketFinance has entered the business loan market and plans to lend up to £1m apiece to businesses to businesses over the coming months.
Formerly known as MarketInvoice, the decade-old invoice finance provider, now offers up to £250,000 in business loans – rising to £500,000 over coming months and then £1m.
This is in addition to offering up to £1m invoice financing – forward funding against receivables – while larger businesses can access up to £5m in structured facilities combining invoice financing with a loan.
Borrowers will be able access a single view of their lending facilities, choosing from a variety of secured and unsecured products.
The fintech business lender, established in 2011, has provided over £2.6bn in lending to thousands of UK businesses.
Within the last 12 months, MarketFinance, which is based in London and Manchester, has scaled the company to over 100 staff, partnering with Barclays UK to promote its business lending products.
Anil Stocker, CEO and co-founder of MarketFinance, said: “Moving to our new name, MarketFinance, recognises the journey we have been on since 2011 … this aligns with our company strategy to become a single source of all the finance needs required by ambitious business leaders.”
Customer Roberto Baldacci, managing director of security personnel firm City Security, added: “A business has two finance needs, first to ramp cash flow and second, capital to invest for growth. MarketFinance was a perfect fit for us. We’ve used almost £5m in invoice finance just this year to get liquidity into our business while waiting on long payment terms for clients. Our business loan will help our strategy to grow by acquisition and broaden our presence across the UK.”
The company, whose backers include Barclays, Santander InnoVentures, European venture capital fund Northzone, private equity group MCI Capital, raised £30m in Series B funding back in January.