MarketFinance has reached profitability after delivering over £64m in business loans and invoice finance in the year to date, up 50 per cent from the same period last year.
The fintech lender, which has been deploying funds to businesses through the coronavirus business interruption loan scheme, has provided over £2bn in cumulative lending and turned profitable in February 2021.
MarketFinance said it will continue to grow at pace as the business scales products and operations.
“The pandemic has sped up digital adoption across large parts of our society,” said Anil Stocker (pictured), chief executive at MarketFinance.
“Business lending is no different. We are seeing a continuing need to provide fast, easy-to-access, digitally available funding solutions to SMEs across all sectors within the UK.
“Fintech lenders such as MarketFinance are well placed to help power the post-Covid economic recovery across the country.”
During 2020, the alternative lender delivered £342.2m in business loans, up by 3.4 per cent from 2019, and developed its partnerships with other lenders.
MarketFinance has deepened its 2018 partnership with Barclays Bank, helping more of their business banking customers with invoice finance funding.
In September 2020, the lender also partnered with fellow fintech Ebury to offer loans and revolving credit facilities to Ebury’s UK small- and medium-sized enterprise (SME) customer base.
Aligning with its £10m £10m Banking Competition Remedies commitments, MarketFinance said it is continuing to partner with high-street banks and business platforms to enable more businesses to access the right financial solutions for them.
“A key part of our strategy is partnering with organisations who want to improve access to finance for their business customers,” Stocker said.
“Our mission has always been to give SMEs a fair playing field for them to get access to working capital.
“We’re now working with partners to embed our finance technology within their platforms, allowing their customers quicker and easier access to the working capital they need.”