iwoca announces OpenLending which aims to serve 2 million SMEs by 2023 in fintech first

iwoca announces OpenLending which aims to serve 2 million SMEs by 2023 in fintech first
18.03.2020 10:39 am

iwoca announces OpenLending which aims to serve 2 million SMEs by 2023 in fintech first

Platform Technology , P2P Lending

Iwoca, one of Europe’s largest business lenders has today announced OpenLending, the new platform that – for the first time – can unify fintechs and banks to extend iwoca’s lending capabilities to over two million UK businesses.

With 14 partners already integrated1, OpenLending 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.

“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.” said Christoph Rieche, iwoca’s CEO and co-founder. 

“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.”

“We want our small business customers to have the very best access to funding so that they can real thrive, which is why we’ve integrated with iwoca’s OpenLending platform, said Atul Choudrie, Chief Commercial Officer at Monese. “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.”

Xero and OpenLending

iwoca and Xero, the UK’s leading online accounting platform, are currently undertaking deep research with a view to a potential customised finance solution in early 2021. This would be designed and built specifically for Xero’s customers, and making tailored finance products directly accessible from within the core Xero software.

Related News

Findr launches AI matching platform to help fintechs grow safely during lockdown

Findr has launched operations in London with the vision of becoming the leading global technology platform for... Read more »

Samsung and SoFi introduce money management tool

Electronics giant Samsung has partnered US digital lender SoFi on a mobile-first money management platform and Mastercard debit card.

... Read more »

Kompli-Global and Yoti team up to tackle fraudsters and money launderers with verified identities

Kompli-Global, the leading RegTech AML specialist, has formed a strategic partnership... Read more »

Nationwide study reveals that 73% of UK business leaders expect COVID-19 to spark a new wave of workplace and industry automation

Pod Group, a provider of platforms, software and connectivity services for... Read more »

Proteus launches new technology after successful trials with free offer during COVID-19 crisis

A new digital platform, that is set to revolutionise business operating models and boost profits, has been launched today, after a successful Beta trial with a dozen companies... Read more »

NetSuite implementation specialist Threadgold Consulting brings Sidetrade's AI tech to SMEs

Sidetrade, (Euronext Growth: ALBFR.PA) the B2B Artificial Intelligence platform, is proud to extend the value of their AI platform, leveraging a new partnership with Threadgold... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel