London-based MarketFinance has secured a £50m loan investment from Israeli asset manager Viola Credit to help UK businesses struggling because of the pandemic.
The new money will go toward lending for the U.K. Coronavirus Business Interruption Loan Scheme (CBILS) initiative.
MarketFinance, which changed its name from MarketInvoice in 2019, is a British FinTech lender founded by CEO Anil Stocker, Ilya Kondrashov and Charles Delingpole in 2011. The company counts Banco BNI Europa, Varengold Bank, Barclays, Santander and Northzone among its backers.
“Only 60,409 CBILS facilities have been approved since the pandemic started, versus 1.2m Bounce Back Loan approvals,” Stocker said. “This shows there are many businesses who could still benefit from accessing CBILS finance before the scheme ends. For many who took a Bounce Back Loan, there is now a short window where they can refinance onto a larger CBILS facility which could see them over to the new year.”
At the same time, MarketFinance has unveiled its “unified application” process, which will let SMEs apply for a number of finance options at one time and be able to select the one best suited for the individual enterprise.
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