MarketFinance has raised £100 million debt financing from Deutsche Bank to support UK SMEs.

The London FinTech says it will allow companies to access £10,000-£500,000 of growth funding within 24 hours of an application.

The news comes amid data from the Federation of Small Businesses which showed that lending to UK SMEs has hit an all-time low, with just 9% of small firms applying for finance in Q1 2022.

MarketFinance uses smart technology to deliver better access to faster, more affordable payments and finance, including one-to-one personal help.

“Closing a funding deal from a high calibre institution like Deutsche Bank is a huge milestone for our business, and a testament to our lending track record, our technology, and our people,” Marion Delille, VP of capital markets at MarketFinance, said.

“This facility will allow us to continue to deliver on our mission to make finance frictionless for our SMEs.”

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Anil Stocker, CEO and co-founder, added: “MarketFinance continues to innovate by serving sole traders and partnerships by embracing the move to embedded finance. 

“We’re making our products available via key platforms, helping businesses manage their payments and gain seamless access to finance when they need it most. 

“Businesses need funding in the good times and the bad, and we’re right here standing by them.”