MarketFinance raises debt financing from Deutsche Bank
UK-based business lender MarketFinance has announced an undisclosed amount in a debt raise from Deutsche Bank.
The company says the funds will be used to provide up to £100 million in lending to UK SMEs.
MarketFinance has also announced that it will expand its lending capacity to include some 3.2 million underserved SMEs in the UK.
“We’re continuing to innovate by serving sole traders and partnerships for the first time and by embracing the move to embedded finance,” says Anil Stocker, CEO and co-founder of MarketFinance.
“We’re making our products available via key platforms, helping businesses manage their payments and gain seamless access to finance when they need it most. Businesses need funding in the good times and the bad, and we’re right here standing by them,” he adds.
The fintech firm says that SME borrowers will be able to access between £10,000 and £500,000 “within 24 hours of applying” to aid their growth plans.
Since beginning operations in 2011, MarketFinance claims to have helped businesses collect over £20 billion in B2B payments, and advanced over £3 billion worth of credit through working capital and business loans.
MarketFinance last secured a £280 million debt and equity fundraise as part of the government’s efforts to shore up the UK economy in the wake of the Covid-19 pandemic.