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UK-based fintech platform for payments and credit, MarketFinance, has secured £30 million in credit facility from an Israeli tech investment group, Viola.
MarketFinance secures £30m credit facility from Viola
Viola had previously invested £75 million in the company to support its entry into the business loans segment. With the new facility, MarketFinance aims to expand its business-to-business (B2B) pay later embedded finance offering – providing credit worth up to £240 million per year on rolling 45-90 day terms to UK small and medium size enterprises (SMEs).
Available in sterling, US dollars and euros, the facility will enable more online businesses to offer flexible payment terms of up to 90 days at checkout to buyers across the world.
“We believe embedded finance – seamlessly integrating authentication, multiple payment and pay-later options, and other value-added financial services at checkout – will bring significant benefits for SMEs over the coming years,” says Anil Stocker, CEO and co-founder of MarketFinance.
“In addition to receiving payment instantly, businesses tell us that offering more payment and credit options helps them stand out from the competition and drive increased sales.
“As inflation continues to drive up costs and traditional financial providers struggle to fill the gap, frictionless solutions that help keep businesses moving are more needed than ever.”
To date, MarketFinance says it has made over £45 million available to 2,000+ buyers via embedded finance.
Founded in 2011 and headquartered in London, MarketFinance offers a fintech platform through which UK SMEs can access payments, working capital and lending options, as well as receive the “fastest credit decisions in the market”.
Since inception, it claims to have helped businesses collect over £20 billion in B2B payments, and advanced over £3 billion of credit through working capital and business loans.
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Image and article originally from www.fintechfutures.com. Read the original article here.