Invoice finance specialist MarketFinance today announced it has become a patron of the National Association of Commercial Finance Brokers (NACFB).
UK-based fintech company, which also arranges business loans, said it expects to lend £500m in 2020 to UK SMEs through its network of UK commercial finance brokers. MarketFinance has advanced almost £830m to businesses in the past seven years via introductions from commercial finance brokers, the company said in a statement.
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In November 2018, the company (then known as MarketInvoice) announced its partnership with Barclays bank “to give Barclays business customers seamless access to innovative forms of invoice finance,” the company said on its website.
In November 2019, MarketInvoice changed its name to MarketFinance to represent its broader offering of SME financing, it said.
The company also tracks invoice late payment trends through its own data analysis. The data looks at how long SMEs are waiting to be paid, how late these payments were and its impact.
In its most recent analysis, conducted in December 2019, the company reviewed 100,205 invoices raised by UK SMEs between 2013 and 2019 to a range of businesses across the UK and to 93 countries, it said in a press release.
The company has offices in London and Manchester and was established in 2011.
Christopher Findlow, head of partnerships at MarketFinance, said: “Commercial finance brokers have made a significant impact, helping UK businesses get the finance they need to grow. They build deep relationships with business owners across the country and are able to get into the detail of what they need.”
“Almost a third of our lending has been enabled by the strength of our relationships with these important business advisers. Conversely, our technology-focused lending approach has made the experience efficient for them. Similarly, for business owners, we provide them with a brilliant customer experience and getting funds to them fast.”
Findlow added: “We look forward to working with and supporting more commercial finance brokers in the UK through NACFB. This will enable us to service the demand from the thousands of small businesses who use their broker panel.”
Graham Toy, chief executive of NACFB, said: “They were the first to market with their innovative invoice finance solutions and have now entered the business loans market. This is the kind of choice and innovation we want to present to business owners when thinking about how to finance their companies.
The NACFB comprises over 1,600 commercial finance brokers covering the whole of the UK. The NACFB works to regulate brokers, asking them to follow a Code of Conduct that was formally recognised by the Office of Fair Trading in 1994.
