Business payments and credit fintech MarketFinance has secured an undisclosed debt raise from Deutsche Bank.
The debt raise is intended to fund up to £100 million of support for UK small- and medium-sized businesses and an expansion of MarketFinance’s capacity to include underserved segments of the market, such as sole traders and partnerships.
MarketFinance has helped businesses collect more than £20 billion in payments and advanced £3 billion+ worth of credit through working capital and business loans since 2011.
The UK fintech, backed by equity investors including Northzone, Barclays Bank UK and Mouro Capital, uses technology to deliver better access to faster, more affordable payments and finance, aiming to work with businesses underserved by legacy financial services.
Speaking to City A.M., Marion Delille, vice president of capital markets at MarketFinance, commented: “Closing a funding deal from a high calibre institution like Deutsche Bank is a huge milestone for our business, and a testament to our lending track record, our technology, and our people. More than that, this facility will allow us to continue to deliver on our mission to make finance frictionless for UK SMEs.”