Hitting profitability in 2021, digital lender MarketFinance is wading into the embedded finance market as it shoots for Unicorn status.
MarketFinance's move into the black comes off the back of a 133% growth in revenues during 2021, boosted by its involvement in the British Business bank's pandemic loan relief scheme and an online lending partnership with Barclays Bank.
The company, which started out life as an invoice finance platform under the MarketInvoice brand, claims to offer the fastest credit decisions in market, with 100% of applications processed in under 24 hours.
Last year MarketFinance advanced over half a billion pounds across a product suite that now spans invoice finance, business loans and flex loans, and approved credit limits worth £286m.
Looking ahead, the firm says it wants to build on this growth by developing its lending APIs and investing further in embedded finance models through integrations with software platforms, accountancy platforms, digital banks and B2B marketplaces, as it targets unicorn status.
In Q2 2022, the firm will debut its latest digital payments and credit offering for businesses and B2B marketplaces as the next step in its embedded finance strategy.
Anil Stocker, CEO at MarketFinance, comments: “MarketFinance is focused on leading the B2B embedded finance market and transforming it in the same way that Klarna has transformed consumer payments and credit. We will reach our ambitious target through the continued development of pioneering new products, hiring great people to our mission, and maintaining partnerships, such as the one we hold with Barclays, to serve as many businesses with finance as we can.”