LONDON, Nov. 12, 2019 /PRNewswire/ -- MarketInvoice has today updated its name to MarketFinance. The fintech business lender established in 2011, has provided over £2.6 billion in lending to thousands of UK businesses. Using its proprietary technology and risk engine, coupled with a personalised service to enhance the lending experience, MarketFinance has enabled businesses to seamlessly access credit lines to suit their needs and fulfil their growth ambitions.
MarketFinance is evolving based on the needs of its customers and now servicing larger businesses with both invoice finance and loans. This latest product development will allow business borrowers the freedom to choose from a variety of lending products – secured and unsecured – and access a single view of their finance facilities. This enables business leaders to have a clear view of how much finance they can access when making business decisions.
MarketFinance current product suite
- Invoice finance: All businesses can get finance for selected invoices or finance all of them on a rolling basis (up to £1m in finance).
- Business loans: Qualifying business can access up to £250k over 1-3 years with monthly or weekly repayments. This will rise to up to £500k in the coming months.
- Corporate lending: Larger businesses can access up to £5m in structured facilities combining invoice finance and a business loan.
Anil Stocker, CEO and Co-Founder at MarketFinance, commented: "Moving to our new name, MarketFinance, recognises the journey we have been on since 2011. It accurately reflects the wider lending choices we offer businesses today and those we will bring to the market in the future. Furthermore, this aligns with our company strategy to become a single source for all the finance needs required by ambitious business leaders."
"We have the leading invoice finance products in the market and our business loans are gaining traction with existing and new customers. Alongside this, we now better service larger businesses with our Corporate Solutions team and have made fast progress towards offering a single-view across multiple live finance facilities."
"The single-view will be a valuable resource to business owners in understanding their finance options. Effectively, they will be able to see how much finance they have at their disposal at any given time, in the most efficient combination possible. Central to these developments has been our industry-leading integrated credit risk platform which has been tested over the past 8 years and across many different sectors. We look forward to bringing further products to the business finance market in coming years."
MarketFinance customer Roberto Baldacci, Managing Director at security personnel firm City Security Ltd, commented: "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. I didn't have to deal with the legacy and bureaucracy of the big banks' processes. Instead, I worked closely with my regular contact at MarketFinance who understands how business works and has the product knowledge to help power our growth".
Anil Stocker added: "We started MarketFinance to enable businesses to thrive because they drive growth, exports and jobs in our local communities. Since 2011, we have been steadily building a business with a focus on data, technology and brilliant customer service. Today, as an integrated business lender, we connect to accountancy software, banking data and a variety of other sources to provide the best finance facilities to companies. This has enhanced our credit risk platform which is well placed to drive future innovation for our customers."
MarketFinance's key strategic ambition is to broaden its reach and support a wider range of businesses. The company aims to help even more businesses access a diverse range of lending products tailored to their needs, allowing them to deliver key strategic projects and realise their growth plans.
MarketFinance business highlights (last 12 months):
- Achieved and launched industry first fintech-bank partnership with Barclays UK
- Secured Series B fundraise of £30m
- Scaled the company to over 100 staff
- Launched Business Loans product
- Launched new Corporate Lending team
- Updated name to MarketFinance
Notes to the Editor
MarketFinance is a business finance company with offices in London and Manchester. The online platform enables businesses to access a range of flexible finance solutions — quickly and easily. This smart technology is backed by help from real people so business owners can save time and focus on growing their business.
Since 2011, MarketFinance has advanced over £2.6 billion to companies across a range of sizes and sectors, providing working capital and finance for everything from paying staff and suppliers to launching new products or services and accelerating growth.
MarketFinance is backed by Barclays, Santander InnoVentures, European venture capital fund Northzone (invested in Klarna, iZettle and Trustpilot), private equity group MCI Capital (also invested in iZettle, Azimo and Gett) and Viola Credit.
For further information please contact the MarketFinance press office: Bilal Mahmood on firstname.lastname@example.org or +44 (0)203-640-7759 and +44 (0)771-400-7257.