MARKETINVOICE is expanding into the business loans market.
The peer-to-peer invoice finance platform said on Wednesday that it now offers unsecured business loans ranging between £10,000 and £100,000 over a 12-month term with no early repayment fees.
The firm has undergone a rebrand to coincide with the new product offering and has changed its orange and grey logo to a new, blue design, with the slogan ‘let’s make it happen’.
MarketInvoice, which has channelled more than £1.6bn to UK businesses through its invoice finance products, said it is looking to support a wider range of companies. Its business loans will be available to slightly younger firms – that have been trading for as little as six months – with a minimum turnover of £70,000.
Funds will be sent to approved businesses within 24 hours of application.
The solution has been beta-tested over the last three months and received positive feedback from users and partners, the company said. During this period, over £1m was advanced to UK businesses.
“Entering the business loans space, a £35bn annual market in the UK alone, was a natural move for us,” said Anil Stocker (pictured right), co-founder and chief executive of MarketInvoice.
“Our experience in underwriting business credit, coupled with our technology and people means we are well-placed to serve this demand. To coincide with this product launch, our new brand and marketing campaign this month will help raise awareness amongst British businesses that MarketInvoice is here to help.”
MarketInvoice launched a new invoice finance product in February this year, called MarketInvoice Pro, which offers businesses an open funding line against their outstanding invoices and is suitable for slightly larger companies.
Unlike most P2P lenders, MarketInvoice is not open to retail investors. Around 60 per cent of its funding is from institutions, with the remainder coming from sophisticated, high-net-worth investors.