Camb LB

Main Menu

  • Home
  • Cash advance
  • Online loans
  • Payday advance
  • Installment loans
  • Direct Lenders

Camb LB

Header Banner

Camb LB

  • Home
  • Cash advance
  • Online loans
  • Payday advance
  • Installment loans
  • Direct Lenders
Cash advance
Home›Cash advance›European FinTech iwoca Introduces Cash Advance Product on Funding Xchange to Small Business Online Sellers

European FinTech iwoca Introduces Cash Advance Product on Funding Xchange to Small Business Online Sellers

By Timothy M. Bernard
September 2, 2021
0
0


[ad_1]

iwoca, one of the largest small business lenders in Europe, launched its ‘industry first’ cash advance product on Xchange financing for small online sellers.

iwoca is reportedly the first UK lender – leveraging Open Banking – to provide fully automated, income-based repayments to digital commerce businesses that maintain a professional bank account in the market.

As mentioned in a statement shared with CI:

“From today, small business owners operating on platforms like eBay can access flexible income-based repayment loans between £ 1,000 and £ 50,000 1 when trying to find a loan product in FundingXchange’s online marketplace. “

This is how it works:

With a fixed fee and no interest on the loan, business owners are able to repay what they borrow “based on income.” Using Open Banking technology, iwoca “will calculate monthly repayments based on the company’s income and take a pre-agreed portion of that income to pay off the loan,” the announcement explained.

Build on iwoca Legacy of offering greater flexibility to small business loans, the new Cash Advance product “will for the first time allow SMEs to choose a loan repayment profile that reflects their highs and lows – allowing maximum flexibility during interruptions operating or seasonal lows. As the loan is powered by Open Banking, it will have mass market potential, ”the update revealed.

Improving access to finance is essential to help SMEs “bounce back from the COVID-19 crisis,” the statement noted, while adding that through this partnership, iwoca “will provide flexible cash advances to SMEs to mitigate the cash flow problems and allow quick access to finance. “

Christoph Rieche, CEO and co-founder of iwoca said:

“Our vision is to provide finance to SMEs when, where and how they need it. We transform small business lending through technology-powered product innovation combined with creative distribution partnerships.

He added:

“With our new cash advance product and Funding Xchange partnership, we continue our proud record of industry firsts. Just under a decade ago, we were the first UK company to integrate with eBay and Amazon to provide instant credit decisions to online sellers. We were also the first commercial lender to offer a lending API – which is now 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 using smart technologies to make financing for SMEs more accessible, more affordable and more sustainable. By transforming credit scoring and cost of service, we deliver targeted self-service proposals to underserved segments. Given the challenges the crisis has created for small businesses, this partnership provides essential access to finance to help businesses rebuild and thrive. “

iwoca has distributed nearly £ 400million to small businesses through the Coronavirus Government Business Interruption Loan Program (CBILS) and last year it introduced iwocaPay – a Buy Now Pay Later or BNPL online payment system to help small businesses receive payments.

Lender “reaches 1.8 million businesses in the UK and Germany with its integrated lending technology, which enables businesses to access loans through a range of platforms such as accounting software applications and digital neo-banks “.

iwoca has also partnered with Mental Health UK on research to ‘identify the needs of small business owners and will soon launch a tailored mental health support program’.

[ad_2]

Related posts:

  1. How to get a free cash advance without a credit check
  2. How to get a cash advance now • Benzinga
  3. How to get a merchant cash advance in New Jersey
  4. Credit cards with low rates and cash advance fees
Tagsbank accountcash advances

Categories

  • Cash advance
  • Direct Lenders
  • Installment loans
  • Online loans
  • Payday advance

Recent Posts

  • Compass offers salary advance and grants for UK staff in dire straits
  • As recession rages, Tesco offers pay advance to UK staff
  • Police arrest scammer entangling hundreds of IPB students in online loans
  • Is a payday advance from a bank better than a personal loan?
  • Cash advance apps that don’t use Plaid

Archives

  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • March 2019
  • February 2019
  • December 2018
  • October 2018
  • July 2018
  • March 2018
  • February 2018
  • May 2017
  • March 2017
  • February 2017
  • August 2016
  • July 2016
  • May 2016
  • August 2015
  • February 2015
  • May 2013
  • Privacy Policy
  • Terms and Conditions