UK-based commercial lender MarketFinance has announced an undisclosed amount as part of a Deutsche Bank debt raise.
The company says the funds will be used to provide up to £100m in loans to UK SMEs.
MarketFinance also announced that it would expand its lending capacity to include some 3.2 million underserved SMEs in the UK.
“We continue to innovate serving independent traders and partnerships for the first time and embracing the shift to integrated finance,” says Anil Stocker, CEO and co-founder of MarketFinance.
“We make our products available through key platforms, helping businesses manage their payments and gain seamless access to funding when they need it most. Businesses need financing in good times and bad, and we are here to support them,” he adds.
The fintech company says SME borrowers will be able to access between £10,000 and £500,000 “within 24 hours of application” to support their growth plans.
Since starting operations in 2011, MarketFinance says it has helped businesses collect over £20bn in B2B payments and advanced over £3bn in credit through working capital and business loans .
MarketFinance has last secured a £280m fundraise as part of the government’s efforts to support the UK economy in the wake of the Covid-19 pandemic.