Australian online lender Marketlend announced that the platform raised $1 million investment in a round lead by fintech entrepreneur Jon Barlow and former KKR Director and Borland Capital founder Mati Szeszkowski, according to Reuters. The lender will use the new windfall to further automate its technology systems and originate more loans. The marketplace lender also partnered with a large insurance firm, but declined further details to protect investors if the invoice is not paid, noted Reuters.
Founded in 2014 by Leo Tyndall who now serves as CEO and Director, Marketlend allows small businesses to borrow money against unpaid invoices, helping to relieve a cash flow shortage. If a company is waiting for customer payment, it can sell its invoice to Marketlend at a discount, clarified Reuters. The loan is then listed on the Marketlend marketplace for investors to bid on and fund. To date the Marketlend has funded loan parts in excess of $5.5M.
“For a long time, banks were thought to be the only source of money you could get for doing business, though that is starting to change,” Barlow told Reuters.
In 2014 Barlow led the sale of Eaglewood Capital to an affiliate of Marshall Wace LLP (MW Eaglewood), a London based alternative asset manager. He sits on the board of Money360 and advisory boards of Harmoney and Crowdnetic.