MARKETINVOICE has launched a new product to service larger businesses seeking finance.
The business finance provider, which offers invoice finance and business loans, announced on Monday that larger businesses will now be able to secure a credit facility of up to £5m and business loans of up to £500,000. These limits will increase steadily over the next 12 months, MarketInvoice said.
This is up from a £250,000 limit on business loans previously.
MarketInvoice has created a new team to support the Corporate Solutions product, which is aimed at businesses with turnover ranging between £5m and £50m.
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“We’ve launched Corporate Solutions to serve the needs of the companies who are currently falling into a no-man’s land between business banking and corporate banking,” said Craig Flyger, Corporate Solutions director at MarketInvoice.
“We estimate that the annual lending opportunity to these companies, who are grossly underserved and ignored by traditional business lenders, is worth £13bn. Our solid track record in providing greater access to finance and responsible lending decisions is not only testament to our robust platform and credit risk model, but also to the trust business owners have placed in us as their financial partner.”
Since 2011, MarketInvoice has provided over £2.6bn in business finance to thousands of companies across the UK. These are predominantly businesses waiting on long payment terms who are seeking finance to support their growth.
Over the past two years, the firm said that it has provided more than £550m to larger businesses that fell into the gap between business banking and corporate banking.
In January this year, MarketInvoice secured £56m in equity and debt funding to help it scale up its lending. Barclays – which took a minority stake in Marketinvoice last year as part of a strategic partnership – took part in the funding round, alongside Santander’s InnoVentures fintech fund, technology credit fund Viola Credit and existing investor Northzone.