Buy now pay later company Marketlend has secured more than $140m via a series of credit facilities from a consortium of investors, including banks, credit funds and other institutional investors.
The startup will use the money to fund its instalments product named Unlock for Australian SME borrowers and Asian trade credit transactions.
Finitive, a financial technology platform providing institutional investors with direct access to private credit transactions, has helped Marketlend raise capital over the past two years.
“Australian and [Asian] SMEs struggle to obtain extended credit for the purchase of supplies and especially in the present Covid-19 environment,” said Jon Barlow, CEO and founder of Finitive. “Marketlend solves this ongoing need for credit facilities by creating insured securitization structures for investors to extend credit directly to those businesses We are thrilled to have connected Marketlend with a global consortium of investors through the Finitive network.”
Marketlend CEO Leo Tyndall, added, “Over the years we have worked with Finitive, and its ability to introduce us to investors globally has significantly assisted us in developing and growing our platform. Unlock, our buy now pay later for business, has been supported by investors providing the capital to enable its significant growth in the market and that would not be possible without the global investors participating in our platform.”
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