MarketFinance marks a 133% increase in revenue
MarketFinance saw its business reach profitability in 2021, with a 133% increase in revenue, the British commercial lender announced on Thursday (31 March) Press release.
The company hopes to capitalize on this growth by developing loan application programming interfaces (APIs) and is “significantly investing in integrated finance models” as it strives to become a “unicorn” ( a $1 billion private company), the statement said.
“In a market where profits often come after growth, we are extremely proud to say that we have reached this important milestone of profitability,” said the CEO of MarketFinance. Anil Stocker in the release. “Our experience as a B2B credit provider over the past decade, along with our focus on improving our lending APIs and our efforts to launch more payment and credit options for B2B markets, we place them in a good position to build a much larger business. We are still very early in our long-term journey.
The company’s growth was fueled by the growing demand for working capital from small businesses during the pandemic, and aided by MarketFinance’s launch of government-backed Coronavirus Business Interruption Loan Scheme (CBILS) loans and its accreditation in as a delivery partner of the Recovery Loan Scheme (RLS), according to the release.
The two programs have seen MarketFinance manage over £2.1bn (approximately $2.8bn) in digital applications “with the fastest decision speed on the market – currently 100% of applicants receive a response in less than 24 hours,” the statement said.
The company said the growth came alongside its decision to “double down on existing strategic partnerships with Barclays Bank UK…and international cash management experts Ebury”, according to the statement. Additionally, MarketFinance is launching new strategic partnerships with accounting and business advisory firm Azets as well as corporate traders in various industries.
Last year, MarketFinance raised 280 million euros ($368 million) in new funds to lend to businesses in need in the wake of the pandemic. It has also launched a new programme, MarketFinance Flex Loans, with the aim of helping nearly one million small businesses in the UK with their financing problems.
Read more: UK FinTech MarketFinance raises $382m in debt and equity