MarketInvoice rebrands, moves into UK business lending
MarketInvoice rebranding itself into “a business finance company”.
UK-based MarketInvoice has expanded into the business lending space, complementing its suite of invoice finance solutions. The firm says it has rebranded itself into “a business finance company”.
Businesses will now be able to obtain unsecured loans from £10,000 to £100,000 over a 12-month term with no early repayment fees. With this, according to MarketInvoice, it will deepen its support for businesses requiring working capital around its invoice finance requirements.
Loans will be funded through the MarketInvoice platform and will be available to all UK businesses trading for at least six months, with a minimum turnover of £70,000. If approved, funds will be sent to businesses within 24 hours of application, says MarketInvoice.
Anil Stocker, MarketInvoice co-founder and CEO, says: “Entering the business loans space, a £35 billion annual market in the UK alone was a natural move for us. Our experience in underwriting business credit, coupled with our technology and people means we are well-placed to serve this demand”.
The company says it has funded over 70,000 invoices worth £1.6 billion to date. The solution was beta-tested over the last three months and during this period, over £1 million was loaned to UK businesses.
