London-headquartered FinTech firm iwoca has announced its integration with two of the UK’s largest business finance marketplaces.
The firm, which launched in 2012, will integrate into Funding Xchange and Funding Options, allowing its Lending API to give small business owners immediate and actionable real-time loan decisions within 30 seconds.
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.
“UK SME’s are the backbone of a complex economy that is constantly changing so the need for fast and responsive access to finance is becoming more and more important to ensure their success and growth,” Sharif Mohamed, iwoca Head of Affiliate Partnerships told BusinessCloud.
“Our integration gives business owners a level of certainty so that they can make instant decisions to help their business grow.”
Mohamed explained that the firms tech is able to achieve its speeds by analysing a series of data points via partner integrations with other financial services, and online, to assess creditworthiness and affordability of the business.
“In under 30 seconds, we can then send a real-time decision via the partner marketplace so that they have absolute clarity on what is available, for how long and at what cost,” he said.
“Gone are the days where waiting up to eight weeks for a loan decision was viable, and, in this digital age, no business owner should be caught out by long tedious applications or wait times.”
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.”
iwoca has raised £350m in equity and debt finance since its inception and was named one of BusinessCloud’s 101 FinTech Disrupters.