MarketFinance, a UK credit and payments company, has secured a £30m credit facility from Israeli tech investment group Viola.
According to MarketFinance, the facility will enable more online firms to offer flexible payment terms of up to 90 days to buyers.
The agreement will enable MarketFinance to provide credit worth up to £240m per year on rolling 45-to-90-day terms to UK-based firms.
Since its inception, MarketFinance has made over £45m available to more than 2,000 buyers via embedded finance. The company claims that UK-based suppliers are better able to serve buyers in Europe and North America, supporting their international growth.
MarketFinance CEO and co-founder Anil Stocker said, “We believe embedded finance – seamlessly integrating authentication, multiple payment and pay-later options, and other value-added financial services at checkout – will bring significant benefits for SMEs over the coming years.
“In addition to receiving payment instantly, businesses tell us that offering more payment and credit options helps them stand out from the competition and drive increased sales. As inflation continues to drive up costs and traditional financial providers struggle to fill the gap, frictionless solutions that help keep businesses moving are more needed than ever.”
Earlier this year, MarketFinance received a £100m debt line from Deutsche Bank to help more SMEs access working capital.
MarketFinance was created in the aftermath of the 2008 financial crash. Its FinTech platform offers business loans and working capital to UK SMEs.
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