Daily News: November 1, 2017

MarketInvoice Launches Business Lending Vertical in UK

UK-based invoice finance company MarketInvoice rebranded and launched a business lending vertical in the UK offering unsecured loans starting at £10,000 ($13,305).

The company has been beta-testing the lending process over the last three months and received positive feedback from users and partners. During this period, more than £1 million ($1.33 million) was advanced to UK businesses.

MarketInvoice is now offering unsecured business loans from £10,000 ($13,305) to £100,000 ($133,050) over a 12-month term with no early repayment fees. This will deepen MarketInvoice’s support for businesses requiring working capital around their invoice finance requirements.

The loans will be available to UK businesses with a minimum turnover of £70,000 ($93,135) and which have been trading for at least six months. Funds will be sent to approved businesses within 24 hours of application.

Business loan customer Melanie Goldsmith, co-founder of edible cocktail pastilles Smith & Sinclair, commented, “It was a seamless experience. We’re growing 100% year-on-year and as we head into the Christmas period, the business loan from MarketInvoice helped us to order the stock we needed to fulfil orders to individuals and large national retailers.”

Business loans will be funded through the MarketInvoice platform. Investors will include a mixture of investors and institutional money from banks and asset managers.

Anil Stocker, co-founder and CEO, commented, “We’re always looking for more ways to help businesses get the funding they need, that’s why we’re excited with the launch of our loans solution. Our experience in underwriting business credit, coupled with our technology and people means we are well-placed to serve this demand. This fits into our goal to support a wider range of companies and to give owners the help they need to focus on their business ambitions, rather than their funding challenges.”

MarketInvoice is a business finance company with offices in London and Manchester.