- MarketInvoice updates name to MarketFinance as it broadens finance options for UK businesses.
- MarketFinance is the first fintech to offer multiple lending products in an integrated single view finance facility.
- New business loans product, up to £250,000 over 3 years, will scale to facilities worth £1m+ over next few years.
- New MarketFinance Corporate Lending unit will support under-served growth businesses.
12th November 2019, London: MarketInvoice has updated its name to MarketFinance. The fintech business lender established in 2011, has provided over £2.6b in lending to thousands of UK businesses. Using technology and a personalised service to enhance the lending experience (from origination to payments), MarketFinance has enabled businesses to access credit lines to suit their needs and fulfil their growth ambitions at their pace.
In response to the evolving needs of its customers and now servicing larger businesses with both invoice finance and loans, MarketFinance is progressing the business lending experience to the next phase.
Their latest innovation for business borrowers will give them the freedom to choose from a variety of lending products – secured and unsecured – and access a single view of their finance facility. This will enable business owners to have a clear view of how much finance they can quickly and easily access when making business decisions.
MarketFinance product suite
- Invoice finance: All businesses can get finance for single invoices or all of them (up to £1m finance facility)
- Business loans: Up to £250k over 1-3 years with monthly or weekly repayments. This will rise to up to £500k over 1-3 years in the coming months.
- Corporate solutions: For larger businesses, up to £5m invoice finance facility (based on revenue), combined with up to £500k 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 the company strategy to be a single source of all the finance needs for ambitious business leaders. We started as fintech challenger, innovating lending by advancing finance with a selective invoice finance product to businesses wanting to improve their cash flow, historically the preserve of traditional lending institutions, to the full lending portfolio we provide to businesses today.”
“We have the best invoice finance products in the market and our business loans are ramping nicely. Alongside this, we now service larger businesses with our corporate lending team and our latest innovation, a single-view finance facility, we will reinforce our position as the lender of choice to growth businesses.”
“The single-view finance facility 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 best format possible. Central to these developments has been our industry-leading integrated credit risk platform which enables a seamless and quick lending experience for businesses. 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 someone at MarketFinance who understands how business works and has the product portfolio we need to power our growth”.
Anil Stocker added: “I started MarketFinance to enable businesses to thrive because they drive growth and employment in our communities. Since 2011, we have been steadily building a business with a focus on data, technology and an individual named account manager to enhance our customers’ finance experience and journey. Today, as an integrated business lender, we can connect to accountancy software, banking data and a variety of 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. Our industry-first bank partnership with high street bank Barclays is evidence of the strength and depth of MarketFinance and our lending capabilities.”
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.