After originating £1.6bn in invoice financing for UK businesses, MarketInvoice is launched a standalone business loans service. The service will allow firms to obtain unsecured loans of between £10,000 to £100,000 over a 12-month term.
The corporate lending market is currently dominated by a handful of large players. A Competition and Markets Authority study into the SME banking sector, published three years ago, found just four banks accounted for over 90pc of business loans. A series of digital start-ups have begun moving into the space in recent months, including Tide and Starling, with the latter saying it will launch a business banking service early next year.