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UK FinTechs Ebury and MarketFinance to accelerate CBILS access for SMEs

By Megha Bhattacharya

September 10, 2020

  • Ebury
  • Marketfinance
  • UK

UK FinTechs Ebury and MarketFinance have reportedly teamed up in a bid to offer SMEs across the UK with access to emergency lending. MarketFinance is expected to provide both its CBILS loan and revolving credit facilities to Ebury’s UK SME base and support them in their business finance needs.

Juan Lobato, Ebury CEO, said, “We have been working with governments throughout Europe to try to ensure that SMEs, the lifeblood of our economies, have access to the working capital they need to survive the pandemic. I am delighted that by combining with one of our fintech peers we will be able to help more companies in the UK secure the vital funding they need to be able to benefit from the economic recovery we are starting to see.”

According to the companies, the partnership aims to tackle the delays that have left some SMEs with no access to finance. Ebury will add MarketFinance’s CBILS loans and revolving credit facilities, which are both interest-free for the first year, to its existing supplier trade finance products meaning clients can access a comprehensive range of working capital solutions.

Ebury will continue to offer MarketFinance’s regular business loans and invoice finance to their clients, beyond the end of the CBILS window.

Anil Stocker, CEO at MarketFinance, commented, “A key part of our strategy is partnering with other fintechs to deliver seamless funding solutions for their customer base. We are very excited to be launching this with Ebury, who have built up a strong brand internationally and who want to improve access to finance for their business customers in this crucial time. We hope this partnership will make it even easier for business owners to find the right finance to help them through this global pandemic.”

The CBILS initiative will conclude at the end of September 2020 with pre-submitted applications in September being valid until the end of November. Until 30 September, companies can apply for a cash injection through a CBILS loan between £50,001 and £150,000 with no fees, interest, or repayments for 12 months. The CBILS was launched in response to the pressure that COVID-19 disruptions and lockdown restrictions have placed on business and will see the Government guarantee 80% on credit lines of up to £5m for UK SMEs.

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