The new collaboration uses iwoca’s API to embed funding options into Countingup’s business account platform with the aim of allowing users to access finance quicker.
The integration will see iwoca’s Flexi-Loan for SMEs made available on the app, and uses Countingup’s data and interface to streamline the loan application process.
Initial data collected during a trial of the partnership found that 70% of Countingup’s first cohort of customers applying for finance with iwoca received a loan decision in under an hour.
- The Finance Professional Show 2023: The Video
- iwoca raises £200m funding line from Barclays and Värde Partners
- SMEs are struggling to get funding from high-street banks, reveals Iwoca
Harry Cranfield, partner channel manager at iwoca, said: “As we continue to innovate, we’re actively looking for new partners to expand our reach and make finance available to small businesses when and where they need it.
“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.”
Rory Bocock, head of marketing at Countingup added: “Our collaboration with iwoca represents a big step forward in our mission to automate and simplify finances for the UK’s self-employed.”
Leave a comment