London fintech company lends £342m to UK businesses in 2020

A London fintech lender has lent more than £300m to UK businesses across the first eleven months of 2020.

According to its end of term report, MarketFinance, which is an accredited CBILS (Coronavirus business interruption loan scheme) lender, loaned £342.4m to UK businesses up until November of this year, with loan demands greater as the economic emergency froze cash flow.

MarketFinance has aimed to enable businesses to find finance solutions since 2011, in that time lending over £2bn to companies across a range of sizes and sectors.

After a positive beginning to 2020, the UK economy crashed by 2.2 per cent when the country went into lockdown in March. Demand for business loans were at their highest between Q2 and Q3, while invoice finance showed gradual growth of Mid-November despite a second lockdown.

Anil Stocker, CEO of MarketFinance, said: “The challenges and uncertainties of 2020 won’t end come January. Businesses will have to navigate the aftermath of Covid-19 for months to come.

“However, although a lot of businesses have felt a negative impact over the last year, many have executed successful pivots and taken advantage of new opportunities.”

He continued: “We’re hopeful that this strong comeback signals we’re already past the worst of the situation. We’ve also been incredibly proud of business support networks up and down the country.

“We’re excited to carry on providing SMEs with the working capital they need to grow, innovate, and build towards a successful future.”