MarketFinance, which working capital offers UK SMES, has received a £100m debt line from Deutsche Bank to help more SMEs access working capital.
It also announced it is expanding its lending capacity to include under-served SMEs, such as the UK’s 3.2 million sole traders and partnerships, offering competitive rates and terms. According to MarketFinance, a UK SME borrower will have access to between £10,000 and £500,000 within 24 hours of applying.
MarketFinance was created in the aftermath of the 2008 financial crash. Its FinTech platform offers business loans and working capital to UK SMEs.
The company reached profitability in 2021, which it claims was driven by the business demand for working capital during the pandemic.
MarketFinance VP Capital Markets Marion Delille said, “Closing a funding deal from a high calibre institution like Deutsche Bank is a huge milestone for our business, and a testament to our lending track record, our technology, and our people. More than that, this facility will allow us to continue to deliver on our mission to make finance frictionless for UK SMEs.”
The company previously received a £10m grant from the Capability and Innovation Fund and a £50m loan from Viola Credit.
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