Iwoca partners with Countingup to offer flexible business loans
Iwoca has partnered with Countingup to offer embedded funding options to almost 10,000 customers of the business account provider.
The alternative SME lender said that the integration will see iwoca’s Flexi-Loan offering for businesses made available on the app, and uses Countingup’s data and interface to streamline the loan application process.
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Initial data collected during a trial of the partnership found that 70 per cent of Countingup’s first cohort of customers applying for finance with Iwoca received a loan decision in under an hour.
“Through our industry-leading API integrations for business lending, we’ve enabled over 30 partners to provide finance within their platforms,” said Harry Cranfield (pictured), Iwoca’s partner channel manager.
“As we continue to innovate, we’re actively looking for new partners to expand our reach and make finance available to small businesses when and where they need it.
Read more: Iwoca: Almost half of SMEs fail to meet start-up objectives on time
“Our latest collaboration with Countingup brings us another step closer to that reality. Access to fast and flexible finance not only enhances cash flow management for SMEs, but also fuels their ability to seize opportunities – making their business and the economy stronger as a whole.”
Rory Bocock, head of marketing at Countingup said: “Our collaboration with Iwoca represents a big step forward in our mission to automate and simplify finances for the UK’s self-employed. The seamless integration of Iwoca’s flexible business loans within our app complements our finance, accounting and tax features – empowering self-employed individuals to confidently run their business. We’re ensuring small business owners have continuous access to the vital financial resources they need to thrive.”
Last October, Iwoca has announced a new funding line with initial commitments of £200m from Barclays and Värde Partners.
The substantial additional funding line raises the lender’s total debt commitments to more than £850m.