back Back

iwoca gets accredited under the Recovery Loan Scheme

By Joy Dumasia

October 05, 2021

  • British Business Bank
  • Digital Loans
  • Europe

iwoca, one of Europe’s largest small business lenders, today announces that the British Business Bank has accredited it as a lender under the Recovery Loan Scheme (RLS). This means that, from today, iwoca will provide even more support to SMEs across the UK with accessing much-needed finance.

The Government-backed RLS supports access to finance for UK businesses as they recover and grow following the pandemic. The scheme will allow businesses to access loans of up to £10 million to help them recover, and funds can be used for any legitimate business purpose, including managing cash flow, growth and investment.

This accreditation forms part of a package of support iwoca has introduced to help small and medium-sized businesses access to finance during the pandemic. Since May 2020, iwoca has successfully lent nearly £400 million to SMEs across the UK via the CBILS, equating to around 10% of the total CBILS lending approvals market by the end of March 2021.

During the pandemic, iwoca also launched its signature invoice checkout service for SMEs – iwocaPay. This service allows businesses to make payments over a series of instalments while providing the seller with the funds upfront, helping both to manage their cash flow. In a UK industry first, iwoca then integrated this system into the accounting platform Xero.

Christoph Rieche, Co-Founder and CEO of iwoca, said: “We’re proud that we could support small businesses through the toughest of times. With CBILS alone, we lent nearly £400 million to 1,500 business owners across the country, representing 10% of the market share of approvals. As the recovery starts to get into full swing, businesses will now need more funding to take full advantage of the opportunities ahead.”

Recently, IBS Intelligence reported that iwoca, one of Europe’s largest small business lenders, has become an addition to the Open finance partnership platform mmob.

Previous Article

October 05, 2021

DataVerify® announces integration with Nexsys Technologies®

Read More
Next Article

October 05, 2021

PayNearMe introduces MoneyLine to simplify the payment experience for iGaming players and operators

Read More

IBSi Daily News Analysis

digital wallets

March 01, 2024

British Business Bank

Banking Sector and regulatory framework: addressing India’s growing demand for secure lockers

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 01, 2024

Saikyo Bank & nCino to boost operational efficiency and customer experience

Read More

March 01, 2024

FinTech Focus: Catch latest developments of the week

Read More

March 01, 2024

Veefin & FinnUp team to fuel SME Lending solutions in India

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023