A new ‘Corporate Solutions’ team will provide larger credit facilities for invoice finance, business loans and contract finance.
Fintech lender MarketInvoice is increasingly targeting larger UK businesses with a new team specifically servicing firms with turnover between £5m and £50m.
The firm, which says it has advanced over £2.6b to SMEs since launching in 2011, believes this area of the market is underserved by business bank accounts, yet not quite ready for corporate banking services.
These larger businesses will be able to secure a credit facility of up to £5m (based on their revenue) and up to £500k as a business loan (flexible term, up to 3 years) from MarketInvoice. These limits will increase steadily over the next 12 months.
MarketInvoice says it has built a track-record with larger businesses over the last 2 years, having provided over £550m to a range of businesses in the telecoms, engineering, consulting, energy and technology sectors.
Craig Flyger, Corporate Solutions Director at MarketInvoice says these firms are typically 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.”
“We’ve launched Corporate Solutions to serve the needs of the companies who are currently falling into a no-man’s land between business banking and corporate banking. We estimate that the annual lending opportunity to these companies, who are grossly underserved and ignored by traditional business lenders, is worth £13b”.
MarketInvoice is backed by Barclays, Santander InnoVentures, European venture capital fund Northzone (invested in Klarna, iZettle and Trustpilot), private equity group MCI Capital (also invested in iZettle, Azimo and Gett) and Viola Credit.