MarketInvoice has updated its name to MarketFinance. The fintech business lender, established in 2011, has provided over £2.6bn in lending to thousands of UK businesses. Using its proprietary technology and risk engine, coupled with a personalised service, 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. It says that its 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's current product suite includes invoice finance, business loans and corporate lending. With invoice finance, all businesses can get finance for selected invoices or finance all of them on a rolling basis (up to £1m in finance). On the business loans side, qualifying business can access up to £250k over 1-3 years with monthly or weekly repayments. The company says that this will rise to up to £500k in the coming months. In the corporate lending stream, larger businesses can access up to £5m in structured facilities combining invoice finance and a business loan. The company offers a single view for corporates across its product suite.
“The single-view will be a valuable resource to business owners in understanding their finance options," said Anil Stocker, CEO and co-founder of MarketFinance. "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 integrated credit risk platform which has been tested over the past eight years and across many different sectors."
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."
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