News ReleaseFintech MarketFinance reaches profitability as it returns a record start to the year
Stockwood Strategy
Fintech business lender MarketFinance has kicked off 2021 with a significant increase in lending volumes. Year to date, MarketFinance has deployed over £64m in business loans and invoice finance to businesses across the UK. This is up 50% from the same period last year. As a CBILS accredited lender by the British Business Bank, MarketFinance has been at the forefront of supporting SME businesses throughout the COVID-19 pandemic. Profit landmark MarketFinance has played a pivotal role in supporting SMEs. It has provided over £2bn to the most underserved businesses, giving them access to the working capital they need. MarketFinance announced that it turned profitable in February 2021 and will continue to grow at pace as the business scales products and operations. Anil Stocker, CEO at MarketFinance said: “The pandemic has sped up digital adoption across large parts of our society. Business lending is no different. We are seeing a continuing need to provide fast, easy-to-access, digitally available funding solutions to SMEs across all sectors within the UK. Fintech lenders such as MarketFinance are well placed to help power the post-Covid economic recovery across the country.” Partnerships In reaching a wide range of businesses, MarketFinance has deepened its 2018 partnership with Barclays Bank helping more of their business banking customers with invoice finance funding. In September 2020 MarketFinance also partnered with fellow fintech Ebury to ensure SMEs across the UK were able to quickly access the emergency lending, offering loans and revolving credit facilities to Ebury’s UK SME base. Aligning with their £10m BCR commitments, MarketFinance is continuing to partner with high-street banks and business platforms to enable more businesses to access the right financial solutions for them. Anil Stocker added: “A key part of our strategy is partnering with organisations who want to improve access to finance for their business customers. Our mission has always been to give SMEs a fair playing field for them to get access to working capital. We’re now working with partners to embed our finance technology within their platforms, allowing their customers quicker and easier access to the working capital they need.” ENDS Notes to the Editor About MarketFinance MarketFinance is a busi ness 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 cumulatively advanced over £3 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, Mouro Capital, European venture capital fund Northzone (invested in Klarna, iZettle and Trustpilot), and private equity group MCI Capital (also invested in iZettle, Azimo and Gett). Contact Details MarketFinance Bilal Mahmood +44 7714 007257 b.mahmood@marketfinance.com Company Website https://marketfinance.com/
March 10, 2021 05:00 AM Eastern Standard Time
Image
