Small business lender, iwoca has launched a cash advance product on Funding Xchange for small business online sellers.
iwoca will be the first lender in the use Open Banking to offer fully automated revenue-based repayments to e-commerce businesses with a business bank account on the marketplace.
Small business owners operating on platforms such as eBay can access flexible revenue-based repayment loans of between £1,000-£50,0001 when trying to source a loan product on FundingXchange’s online marketplace.
Christoph Rieche, CEO and co-founder at iwoca said “Our vision is to provide finance to SMEs when, where and how they need it. We are transforming small business lending through product innovation powered by technology, combined with creative distribution partnerships.”
“With our new cash advance product and Funding Xchange partnership, we continue our proud track record of industry firsts. Just under ten years ago we were the first UK company to integrate with eBay and Amazon to provide instant credit decisions for e-commerce sellers. We were also the first business lender to offer a lending API – which has now been used by over 20 major fintech partners, and the first SME lender to connect to the UK’s nine largest banks with Open Banking.”
Katrin Herrling, CEO and co-Founder of Funding Xchange said “iwoca and FundingXchange are leaders in the use of intelligent technology to make SME funding more accessible, more affordable and more sustainable. By transforming the credit-assessment and cost-to-serve, we deliver targeted, self-serve propositions to underserved segments. Given the challenges that the crisis has created for small businesses, this partnership is delivering critical access to finance to help businesses rebuild and flourish.”