The SME lender says it is on course to hit £30m of revenue in 2021 after a strong start to the year.
Fintech business lender MarketFinance has reached profitability following a significant increase in lending volumes and is on course to hit £30m revenue in 2021, the firm has said in a press statement.
In 2021 so far MarketFinance has deployed over £64m in business loans and invoice finance to businesses across the UK. This is up 50 per cent from the same period last year. MarketFinance, which pivoted to SME lending as well as invoice financing, its original lending product, in 2019 and became a CBILS accredited lender last year by the British Business Bank.
Since launching in 2011, MarketFinance says it has lent over £2bn.
Anil Stocker, CEO of MarketFinance said: “The pandemic has sped up digital adoption across large parts of our society. Business lending is no different. We are seeing a continuing need to provide fast, easy-to-access, digitally available funding solutions to SMEs across all sectors within the UK. Fintech lenders such as MarketFinance are well placed to help power the post-Covid economic recovery across the country.”