Marketlend preps IPO

Banking Day staff
Tyndall Capital is undertaking a pre-IPO capital raising for Marketlend with a target market capitalisation of A$175 million.

It is seeking $8.75 million from investors in the current round, more than half of which will be ploughed into marketing and advertising.

A supplier of working capital and debtor finance, Marketlend will benchmark itself alongside ASX-listed fintechs such as Prospa and Zip Co.

From originations of $42 million in 2018 and $39 million in 2019, Marketlend is ramping up. It projects originations of $141 million in 2020 and $782 million by 2023.

It expects revenue to rise six-fold to $79 million between 2020 and 2023.

Tyndall is diversifying internationally, and also built a 'buy now, pay later' style product with a B2B flavour called Unlock.

Marketlend said it "has partnered with Polymath to create our stable coin, 'Black',
which represents A$1," a recent addition to its business mix.