Showcasing the Best of Welsh Business

iwoca Launches Pioneering Real-Time Loan Decisions

SHARE
,

iwoca, one of Europe’s largest small business lenders, has announced a pioneering integration with two of the UK’s largest business finance marketplaces – Funding Xchange and Funding Options.

iwoca’s advanced Lending API (Application Programming Interface) will, for the first time, give small business owners immediate and actionable real-time loan decisions within 30 seconds, opposed to an “approval in principle” typically offered by other business lenders. If the business wants to accept the offer seen on partner sites they are then taken to iwoca to draw down the funds. The integration therefore gives business owners a level of certainty so that they can make quicker decisions based on the available finance and price.

This new technology, initially rolled out for smaller loans (up to £15,000), means iwoca’s partners can offer fully automated, flexible credit facilities to customers from within their own website, resulting in the most seamless marketplace experience available.

iwoca’s Commercial Growth Director, Colin Goldstein, said:

“As consumers we expect seamless experiences when using aggregators to book travel insurance, hotels or to buy a new car – so why should it be any different when small businesses look for finance?

“We are delighted to have launched this market-leading instant decision experience with our close partners, Funding Xchange and Funding Options, and will be rolling this out to other partners in the coming months, as part of our mission to make access to finance fast and simple for small business owners. By giving them immediate and hassle-free credit, we are expanding possibilities so that SMEs no longer have to deal with uncertainty and have the information they need to make better business decisions.”

Alastair Preacher, Chief Product Officer at Funding Options, added:

“Access to much-needed funding for the UK’s 5.7 million small businesses is essential to our economy and today’s news marks a huge industry leap forward. The impact of instant loan decisioning is an excellent example of Fintechs making a real difference at the grassroots of UK business, giving company owners additional clarity when applying for finance and ultimately allowing them more time to run and grow their business.”

Paul Henry, Chief Operating Officer, Funding Xchange added:

“iwoca and Funding Xchange continue to lead the way in delivering the instant, easy to access experience that small businesses want when looking for funding. We have been working with iwoca for the last three years to transform access to funding so that customers using price comparison sites like MoneySuperMarket, or accessing funding through Sage, have the same ease of access and choice that consumers have been accustomed to. We are looking forward to continuing to work with the most innovative lenders to deliver seamless, instant access to funding.”

SHARE

Over the past 6 years, Rachel has been working specifically within the digital marketing space and has worked with some of the country’s top brands. During this time, Rachel was a key attribute to the success of our sister product, Recruitment Buzz, which has firmly established itself as one of the leading publications within the Recruitment sector. Drawing on her knowledge and experience, Rachel has developed a genuine understanding of how content can engage and compel an audience.

Having a passion for travel and culture, Rachel left her hometown of Cardiff to pursue studies and travel and after several years away, Rachel returned to Cardiff and firmly established herself within the development of Business News Wales. Rachel is now responsible for every aspect of web management, marketing and overall production of the Business News Wales brand.

Having learnt some invaluable skills within the marketing industry, Rachel is often called upon for her skills and knowledge of WordPress, HTML, email marketing software, Photoshop design and social media tools.

 

Related Articles