CEO Anil Stocker said the new MarketFinance places “pole position” to support SMEs.
Image source: Anil Stocker / MarketFinance.
Business lender MarketFinance made a ton of important announcements this morning, including a £ 280million debt and equity financing deal.
On the debt side, liquidity is provided by Italian bank Intesa Sanpaolo, while on the equity front, Black River Ventures is leading the way with the participation of existing investor Barclays.
In addition to financing, MarketFinance is also now accredited with the Government’s Payback Loan Program, meaning it will immediately start offering RLS loans in the amount of between £ 50,000 and £ 250,000 repayable over 4 is 6 years old.
“We aim to quickly lend £ 250million to UK businesses,” said CEO Anil Stocker, who added that RLS funding and accreditation puts MarketFinance in “pole position” to support SMEs during the post-Covid recovery.
“This funding and our accreditation as a payback loan program lender is a testament to the brilliant job everyone at MarketFinance has done to serve UK businesses during a difficult time,” said Stocker, who also revealed that afterwards having made a first profit in the first quarter, MarketFinance continued the trend with a profitable T2.
“Adapting to increased demand from companies seeking financing online rather than through traditional channels also boosted our profitability this year, which continued into the second half of 2021,” he said.
Finally, MarketFinace joins the strange trend of fintechs to launch “Flex” branded products, with the arrival today of Flex Loans, an unsecured credit product for SMEs up to £ 100,000 with repayments on 3 to 12 months.
Flex is funded with £ 20million by Israeli credit investor Viola Credit, and is described as similar to an overdraft or a credit card with companies pre-approved and then able to use the credit for one-time costs or recurring.
Stocker described today’s four announcements as part of the lender’s commitment to stand “shoulder to shoulder” with SMEs during “the full reopening of the economy and beyond.”