One of Europe’s largest business lenders, iwoca, has today announced the launch of a new platform designed to unify fintechs and banks – and extend iwoca’s lending capabilities to more than two million UK businesses.
The bank’s OpenLending platform already has 14 partners integrated, and is a platform which iwoca says ‘brings the finance ecosystem together’, allowing fintechs, banks, brokers, accountants and bookkeeping platforms to customise their offering of iwoca loans.
This new platform allows partners such as Monese, Funding Options and Funding Xchange to tailor the user experience for their customers, giving them decisions and access to funds in seconds.
Christoph Rieche, iwoca co-founder and CEO, says the move could prove a major boost for businesses facing tough times during the coronavirus pandemic.
He said: “The concept of OpenLending has the potential – through collaboration with the banks and fintech partners – to fix some of the biggest problems SMEs will face in the coming months.
“OpenLending is a fully digital platform that established banks can use to get finance to small businesses within minutes, opposed to weeks or even months.
“Digital access to finance is particularly valuable now where 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.
“With our proven track record, we’re confident that by bringing the industry together we can give at least two million small businesses access to finance.”
And the system’s early partners have spoken warmly of its potential.
Atul Choudrie, Chief Commercial Officer at Monese, said: “We want our small business customers to have the very best access to funding so that they can really thrive, which is why we’ve integrated with iwoca’s OpenLending platform.
“It’s important that we partner with a leader in the SME lending space and give our customers the very best tools to control their finances and manage important cash flow gaps.
“We started Monese with a goal to provide businesses with financial freedom anywhere and everywhere, and I believe OpenLending will help us do that.”