MarketFinance raises £280m and approved for RLS lending

MarketFinance has today (21st September) announced a £280m debt and equity fundraise and its accreditation under the Recovery Loan Scheme (RLS).

The fintech business lender’s debt financing has been provided from a large global investment firm, alongside Italian bank, Intesa Sanpaolo S.p.A.

The equity investment was led by Black River Ventures, with participation from existing investor, Barclays Bank.

The finance provider has also introduced MarketFinance Flex Loans — which aims to help nearly one million UK SMEs solve their short-term funding gaps up to £100,000 — having secured £20m from Viola Credit to launch the product.

Similar to a credit card or overdraft, businesses will have a pre-agreed limit of up to £100,000 which they can withdraw at once or in smaller amounts.

Flexible repayment options enable the businesses to spread their repayments over three to 12 months, based on their working capital needs.

“This funding and our accreditation as a RLS lender is testament to the brilliant work everyone at MarketFinance has done to serve UK businesses during a difficult period,” said Anil Stocker, CEO at MarketFinance.

“Adapting to the increased demand from businesses looking for finance online instead of through traditional avenues also drove our profitability this year, which has continued into H2 2021.”

From today, businesses can apply for an RLS loan from MarketFinance between £50,000 and £250,000, repayable over four, five or six years.

Repayments in the first six months of the term will only consist of interest charges.

Anil added: “Businesses have been resilient and managed to hold their nerve during one of the most difficult periods in recent history.

“We were there to help with the CBILS and will do the same with the RLS by offering a simple application process, quick decisions, and sending funds to businesses immediately.

“Our fundraise puts us in pole position to do this.”

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