UK small business lender iwoca has partnered with Countingup, a business account provider, to offer nearly 10,000 users streamlined access to business finance.
This collaboration integrates iwoca’s Flexi-Loan product directly into the Countingup app through an application programming interface (API).
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It is expected to simplify the loan application process for small and medium-sized enterprises (SMEs) by leveraging Countingup’s data and user interface.
During a trial phase, data suggested that 70% of Countingup’s first group of customers applying for finance through iwoca received a loan decision within one hour.
iwoca partner channel manager Harry Cranfield said: “Through our industry-leading API integrations for business lending, we have enabled over 30 partners to provide finance within their platforms.
“Our latest collaboration with Countingup brings us another step closer to that reality. Access to fast and flexible finance not only enhances cash flow management for SMEs but also fuels their ability to seize opportunities – making their business and the economy stronger as a whole.”
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By GlobalDataCountingup head of marketing Rory Bocock said: “Our collaboration with iwoca represents a big step forward in our mission to automate and simplify finances for the UK’s self-employed. The seamless integration of iwoca’s flexible business loans within our app complements our finance, accounting and tax features – empowering self-employed individuals to confidently run their business.”
In October 2023, iwoca announced that it had secured a new funding line with initial commitments of £200m from Barclays and Värde Partners.
Early last year, iwoca secured an increase and extension to its existing funding line with Pollen Street Capital. The funding line was expanded from £125m to £170m.
