MarketInvoice re-brands and starts offering business loans

Its business loans will be available to all UK firms with a minimum turnover of £70,000 that have been trading for at least six months

Fintech start-up and invoice marketplace MarketInvoice has re-branded and now offers business loans.

In a statement, the Startups-1oo ranked business says it has “expanded its mission in the business finance space” and that the move “represents its evolution into a business finance company.”

With its new service, businesses are able to obtain unsecured loans from £10,000 to £100,000 over a 12-month term with no early repayment fees.

Only available to businesses that have been trading for at least six months, and have a minimum turnover of £70,000, the service has been beta-tested over the last three months with over £1m advanced to special applicants.

Founded by 2013 Young Guns Charles Delingpole and Anil Stocker, the start-up’s invoice finance service has funded over 70,000 invoices worth £1.6bn to date, with the business claiming its business loans will be equally fast to set up and easy to use.

Funds will be sent to approved businesses within 24 hours of application, with all loans funded through the MarketInvoice platform.

Investors include a mixture of individual investors and, and more institutional lenders, such as banks and asset managers.

Stocker said:

“We’re always looking for more ways to help businesses get the funding they need, that’s why we’re excited with the launch of our loans solution.

“This fits into our goal to support a wider range of companies and to give owners the help they need to focus on their business ambitions, rather than their funding challenges.

“Entering the business loans space, a £35b annual market in the UK alone, was a natural move for us. Our experience in underwriting business credit, coupled with our technology and people means we are well-placed to serve this demand.

“To coincide with this product launch, our new brand and marketing campaign this month will help raise awareness amongst British businesses that MarketInvoice is here to help.”