Commercial Growth Director, iwoca, Colin Goldstein

U.K.based iwoca is integrating its lending platform with SME marketplace lenders Funding Options and Funding Xchange; this integration will boost and further automate access to capital for small and medium-sized businesses in the UK while ensuring borrowers with price transparency. iwoca revealed in its press release about its integration via the launch of its Landing API to provide small businesses with a loan decision within 30 seconds.

iwoca’s Commercial Growth Director, Colin Goldstein, said: “We’re delighted to have launched this market-leading instant decision experience with our close partners, Funding Xchange and Funding Options, and will be rolling this out to other partners in the coming months, as part of our mission to make access to finance fast and simple for small business owners. By giving them immediate and hassle-free credit, we are expanding possibilities so that SMEs no longer have to deal with uncertainty and have the information they need to make better business decisions.”

This new API will be initially disbursing smaller loans of up to £15,000. This enables iwoca’s partners can offer loans with a fully automated channel to its customers from their own website, this will be giving customers a better and a user-friendly credit availing experience. It has also been reported that iwoca will roll out additional integration partnerships for the development of its API with other partner lending platforms in the coming months.

In another statement, Funding Xchange Chief Operating Officer Paul Henry said “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.”

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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