On 12 November, UK fintech lender MarketInvoice announced a rebrand as MarketFinance to emphasise the company’s broadening product portfolio.
“What’s happened is an evolution of our product line. As the product evolved, we’ve added new services,” MarketFinance’s chief marketing officer Jonathan Allan told AccountingWEB.
Established in 2011, the company started by offering finance for selected invoices up to £1m and so far has lent over £2.6bn to UK companies. But MarketFinance never restricted itself to just short term funding, Allan said: “We want to serve the bigger end of the small business market, where there is the biggest shortfall not being served by high street banks.”
According to Allan, MarketInvoice was a highly functional name that no longer described the full sweep of the platform’s capabilities. The new name reflects the evolution of the company’s lending options.
“The company proposition hasn’t changed and our identity is recognised by our clients. As a fintech first mover, adding the Finance element signifies who we are and what customers recognise as a stong, solid finance business,” he said.
The rebrand also signals MarketFinance’s move from invoice finance into discounting, business loans and corporate lending, supported by three recent additions to its portfolo:
Confidential invoice discounting (CID)- a new service offering credit lines of up to £2m for small businesses by advancing them cash against the value of outstanding invoices.
Business loans - MarketFinance will offer qualifying businesses unsecured loans up to £250,000 over 1-3 years with monthly or weekly repayments. An increase to £500,000 is planned in the coming months.
Corporate solutions - Up to £5m loans in structured facilities combining invoice finance and loans can be accessed by larger businesses depending on their revenue.
In the twilight zone between business and corporate banking, MarketFinance has responded by opening up “the ability for people to have invoicing and loan finance in a single application and manage it from one portal”, Allan said.
“We’re an innovative fintech company. How we evolve is determined by what we hear from customers. What we are focused on now is our partnership with Barclays Bank and taking new multiple products to market. We’re not sitting on our laurels.”
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