Crayhill Capital Management, a New York-based private credit manager and asset-based lender, provided Marketlend, an Australian-based marketplace trade credit platform, with a new $100 million financing facility.
The new facility will assist with liquidity and cash flow management to global companies affected by the COVID-19 pandemic.
“After seeing a gap in the market, we recognized the need for a platform delivering trade credit to commodity trading corporates, SMEs and investors. We saw that corporates and SMEs had working capital locked up in their accounts and our solution … unlocks this capital,” Leo Tyndall, founder of Marketlend, said. “Both in Australia and internationally, we aim to provide financing options that can accommodate both immediate and long-term support for businesses, particularly during the COVID-19 pandemic. This has become critical in the current international market as we are seeing banks, credit insurers and funders leaving the commodity space. However, we remain open for business. We are excited to be working with Crayhill Capital Management LP and believe this financing facility will benefit many international companies.”
Marketlend’s latest product, UnLock, is a buy now pay later B2B solution that assists SMEs’ purchasing power with suppliers, extending supplier terms of up to 30, 60 or 90 days.
“We are currently building brand recognition for UnLock in the market and looking at establishing a larger number of suppliers. When we have succeeded, we will look into an IPO. After achieving our domestic growth objectives, there is potential for Marketlend to be on an Australian Securities Exchange listing in 2021 and that is quite an exciting prospect,” Tyndall said.
