The invoice-financer turned SME lender says a third of its lending has been enabled by brokers.
Alternative lender MarketFinance, formerly known as MarketInvoice, says it is expecting to lend £500m in 2020 to UK SMEs through their network of UK commercial finance brokers.
The firm, which launched in 2010, recently rebranded while also making the shift to lending loans up to £250,000 to SMEs, although this will scale significantly to £1m in the coming years. Before it has singularly focused on invoice financing.
This year MarketFinance says it will also now build closer ties with established and accredited commercial finance brokers across the UK and has become a patron of the NACFB National Association of Commerical Finance Brokers.
Graham Toy, CEO of NACFB, said: “[MarketFinance] were the first to market with their innovative invoice finance solutions and have now entered the business loans market. This is the kind of choice and innovation we want to present to business owners when thinking about how to finance their companies.
Christopher Findlow, Head of Partnerships at MarketFinance, said “Commercial finance brokers have made a significant impact, helping UK businesses get the finance they need to grow. They build deep relationships with business owners across the country and are able to get into the detail of what they need.”
“Almost a third of our lending has been enabled by the strength of our relationships with these important business advisers."