Sorodo is a fintech business based in Flintshire, and serves both small and large businesses, helping them find and access the best funding product to help support their business.
Sorodo’s new partnership with one of Europe’s largest business lenders, iwoca, is highly relevant for many SMEs nationally and is helping them access funding almost instantly.
In March 2020, it was announced that Sorodo had integrated with iwoca’s progressive OpenLending platform that now extends iwoca’s lending capabilities.
It is hoped that the technology partnership will help over 2 million UK SMEs in the next three years with their funding requirements. The integration will enable Sorodo to deliver a streamlined customer experience that will allow them to access funding in minutes.
“OpenLending is a fully digital platform that established banks can use to get finance to small businesses within minutes, as opposed to weeks or even months. Digital access to finance is particularly valuable now when coronavirus (COVID-19) may lead to severe disruption of bank branch networks and call centres, reducing their ability to provide the service level that they aim for under normal circumstances. Now is the time to come together and work collaboratively to solve this problem.”
The process of securing a traditional bank loan is currently a long, archaic process which requires the applicant to fill in a variety of forms before they can even begin the process of accessing financial support. With the OpenLending platform, Sorodo and its customer-facing website www.capalona.co.uk has already posted into iwoca’s OpenLending platform and received rapid decisions for its customers. Decisions and funds can be ready in minutes, which can be crucial for any business under cash flow pressure.
The speed of the OpenLending API is incredibly quick, and with direct and fast financial decisions paramount for UK businesses, the integration offers super efficient funding support for those businesses with a time-critical cash flow buffer.
Co-founder and CTO at Sorodo, Simon Moorcroft, said of the integration:
“The integration with iwoca’s OpenLending platform is a dynamic step forward for Sorodo. It has already meant that our business customers who apply for a business loan at our website www.capalona.co.uk have been able to receive a very quick lending decision. In some cases the business funding has been made available to our customer in a matter of minutes of them making their online application.”
The North Wales fintech has grown exponentially over the last year. The team is pushing ahead recruiting new members of staff and has just signed a lease agreement on brand new premises. The rapid growth over the last 12 months includes an expansion of its range of business loans on offer.