Credit platform MarketFinance has secured debt financing from Deutsche Bank to partly fund £100m of loans to SMBs in the UK.
The fintech will also expand its lending capacity to include under-served SMEs such as sole traders and partnerships.
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MarketFinance, which became profitable in 2021, operates a proprietary fintech platform to offer business loans and working capital to UK SMEs.
MarketFinance VP capital markets Marion Delille said that the debt from Deutsche Bank will allow it to make finance ‘frictionless’ for small businesses in the UK.
The firm allows clients to access up to £500,000 within 24 hours to meet their investment and working capital needs.
MarketFinance CEO and co-founder Anil Stocker said: “The fintech movement started in the shadow of the 2008 financial crash, and has since become a vital part of the finance ecosystem in the UK and exported globally. Companies like MarketFinance were there to help during the Covid pandemic.
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By GlobalData“We are continuing to innovate by serving sole traders and partnerships for the first time and by embracing the move to embedded finance.
“We are 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 are right here standing by them.”
According to the Federation of Small Businesses (FSB)’s quarterly Small Business Index (SBI), lending to UK businesses has fallen to all-time low with just one in ten small business owners applying for credit in the first quarter of 2022.
