MarketFinance has secured new institutional investment that will help it fund loans under the coronavirus business interruption loan scheme (CBILS) on its platform.
The alternative invoice finance and business lender said it was connected to institutional investors through debt marketplace CrossLend.
“We are grateful to all our investors who have helped us lend £2bn over the past nine years,” Tom Stenhouse, chief financial officer at MarketFinance, said.
“Our investor base ranges from high-net worth individuals to institutions including Barclays and the British Business Bank.
“As we grow our product offering and client base we’re excited to be able to offer even more investors the opportunity to be a part of the pandemic recovery and enable more small businesses to get the working capital they need.”
It is the third time CrossLend has helped MarketFinance secure institutional backing.
“CrossLend is pleased to continue working with MarketFinance, particularly in these Covid-19 times,” Oliver Schimek, chief executive of CrossLend, said.
“Both on the origination and investment side, huge challenges have presented themselves for market players, and we have been able to offer our support through providing our specialised tools and digital infrastructure.
“We have demonstrated flexibility by tailoring our structure to help get funding to small – and medium-sized enterprises across Europe. We are happy to be doing our part to contribute to the recovery effort.”