Deutsche Bank supports MarketFinance lending efforts

London-based FinTech MarketFinance has raised debt from Deutsche Bank that will allow the firm to fund part of a £100m (about $125m) lending effort for small and medium-sized businesses (SME), according to a Thursday (May 19) Press release.

Lending to UK businesses has hit an all-time low, according to the Federation of Small Businesses’ quarterly Small Business Index, with 9% of small businesses seeking finance in the first quarter of this year, the statement said.

MarketFinance is also expanding its lending capacity to include underserved SMEs, including the UK’s 3.2 million sole traders and partnerships, and it will continue to serve limited liability companies and LLPs, the statement said. Borrowers will have access to between 10,000 pounds and 500,000 pounds (about $12,500 to $625,000) within 24 hours of applying.

“Finding a financing agreement with a high caliber institution like Deutsche Bank is a significant milestone for our business and a testament to our lending track record, our technology and our people,” said Vice-President. President of MarketFinance, Capital Markets. Marion Delille in the release. “More than that, this facility will enable us to continue to deliver on our mission of making finance frictionless for the UK. [SMBs].”

MarketFinance operates a proprietary FinTech platform that promises frictionless access to business loans and working capital for UK SMEs.

“The FinTech movement started in the shadow of the financial crash of 2008 and has since grown into an essential part of the UK financial ecosystem and exported around the world,” said the CEO and co-founder of MarketFinance. Anil Storer in the release. “…We continue to innovate by…embracing the move to integrated finance. We make our products available through key platforms, helping businesses manage their payments and gain seamless access to funding when they need it most.

In April, Stocker told PYMNTS that the shift from bank-controlled offline lending to online apps spurred the first wave of FinTech lending, leading to the decentralization of finance — a pandemic-induced trend involving integration. financial services in consumer apps, sites or ecosystems. .

Read more: UK SMEs get ‘instant, one-click’ loans via in-app finance

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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORED CARDS – APRIL 2022

On: Shoppers who have store cards use them for 87% of all eligible purchases – but that doesn’t mean retailers should start buy now, pay later (BNPL) options at checkout. The Truth About BNPL and Store Cards, a collaboration between PYMNTS and PayPal, surveys 2,161 consumers to find out why providing both BNPL and Store Cards is key to helping merchants maximize conversion.

Sara R. Cicero