London fintech MarketFinance has bagged cash from Deutsche Bank to support a £100 million fund lending to small businesses.

The online finance provider has raised debt from the bank. The funds will be used to allow small businesses to access between £10,000 and £500,000 within 24 hours of applying for a loan.

MarketFinance boss Anil Stocker said: “[We’re] 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.”

Earlier this week the Federation of Small Businesses warned that banks are “pulling up the drawbridge” to small businesses as dwindling risk appetite fuels a drop in successful finance applications.

Fewer than one in ten small businesses applied for finance in the first quarter of 2022, of which only 43% had their applications approved, the lowest level on record.

FSB national chair Martin McTague said: “Businesses are born every day across the UK – many need funding to get off the ground, ensuring they reach a stage where they’re profitable and creating opportunities.”

Founded in 2011, London-based MarketFinance has funded over £3 billion worth of invoices and business loans since its launch.