By Oliver Smith on Tuesday 12 November 2019
Huge changes are afoot at the company formerly known as MarketInvoice.
The newly-named MarketFinance is expanding to offer business loans of up to £250,000 over 3 years, and plans to scale up to facilities worth £1m+ in the coming months.
“This is just a starting point,” Stocker told AltFi. “We see this growing in the future and are also launching a Corporate Solutions unit with a new team who have the ability to structure multi-product facilities, a combination of invoice finance and loans.”
Corporate Solutions will offer lending of up to £5m by combining invoice finance and a business loan.
“To be honest that's only really been done by the banks, we're the first fintech to offer both invoice financing and lending beside each other, if you look at Funding Circle or iwoca, they just offer loans,” said Stocker.
Last month Craig Flyger was announced as the newly-promoted Director of this Corporate Solutions unit.
“I think the new brand reflects how we're becoming a lot broader than just single invoices on our platform,” Stocker added. “We thought a lot about when we would do this, and I think the sooner the better because it gives us a lot more breadth to expand our product set.”
While its invoice financing operation is backed by family offices and institutions, MarketFinance’s new business lending arm is being financed exclusively by larger institutions.