MarketFinance secures European bank funding through CrossLend tie-up

With grand lending plans for 2020, MarketFinance has brought onboard fresh institutional funding from an unnamed European bank.

The announcement comes as part of a tie-up with fintech CrossLend, which provides a European debt marketplace for lending platforms to tap into.

It’s actually the third such placing that MarketFinance has made through CrossLend in the last year, with previous placings in dollars, euros, and sterling.

“Our investor base ranges from HNWs to institutions including Barclays and the British Business Bank,” said Tom Stenhouse, CFO of MarketFinance.

“As we grow our product offering and client base we're excited to be able to offer even more investors the opportunity to be a part of the pandemic recovery and enable more small businesses to get the working capital they need.”

So far in 2020 MarketFinance has deployed over £342m worth of institutional funding to its borrowers, towards its stated goal of £500m worth of lending this year.

This third placing includes loan receivables partially guaranteed by the government’s Coronavirus Business Interruption Loan Scheme (CBILS), which MarketFinance has been part of.

In September MarketFinance was named among the winners of £80m worth of BCR funding, of which the lending platform scooped £10m.

This funding is being directed towards supporting smaller and younger SMEs, with lending products tailored to helping them scale.