Leading invoice financing platform MarketInvoice is going big. The Fintech has announced that it is now supporting larger businesses regarding their lending needs. According to a release, MarketInvoice will now accept businesses with turnover between £5 million to £50 million as it continues to scale its online lending services.
MarketInvoice is a break out success in the online lending market having now provided over £2.6 billion in invoice financing and loans since 2011.
Regarding their new Corporate Solutions offing, businesses will be able to secure a credit facility of up to £5 million (based on their revenue) and up to £500,000 as a business loan (flexible term, up to 3 years) from MarketInvoice.
The company states that these limits will steadily increase over the next 12 months.
Larger businesses have received approximately £550 million in credit the past two years. The increase in credit provided was said to be due to demand came from businesses that “were too big to be served by traditional business banking services but not large enough for corporate banking facilities.”
Craig Flyger, Corporate Solutions Director at MarketInvoice, commented on the increase saying they are pleased to service bigger firms:
“These are high-growth companies forging new ground by transforming their industry, growing internationally and driving UK GDP. We want to power and propel their growth. Our team has the necessary experience and resources to structure larger facilities tailored to the needs of these businesses very quickly.”
Corporate Solutions are predicted to help support larger businesses more comprehensively and get them the finance they need.
Marvin Patel, MD at growing business Infinity Energy, which is expected to double revenue from £11.1 million in 2018 to £20 million this year, said they selected MarketInvoice as a finance partner in their early days to tackle long payment terms.
“As we’ve grown, we’ve needed larger credit limits. Now that we’re taking on bigger projects with more complex contracts, we needed a larger finance facility. It’s great to continue our relationship with MarketInvoice”.
Flyger added that they are serving companies that are currently falling into a no-man’s land.
“We estimate that the annual lending opportunity to these companies, who are grossly underserved and ignored by traditional business lenders, is worth £13b. Our solid track record in providing greater access to finance and responsible lending decisions is not only testament to our robust platform and credit risk model, but also to the trust business owners have placed in us as their financial partner.”