iwoca, an online lender serving SMEs, announced on Wednesday the launch of a new platform, OpenLending, which may unify fintechs and banks to extend iwoca’s lending capabilities to over two million UK businesses. iwoca reported that the launch of OpenLending forms part of its £10 million BCR grant win.
iwoca noted that OpenLending already has 14 partners that have integrated and will bring “the finance ecosystem together” by allowing fintechs, banks, brokers, accountants, and bookkeeping platforms to customize their offerings of iwoca loans. Christoph Rieche, iwoca’s CEO and Co-Founder, further shared details about the platform by stating the following:
“The concept of OpenLending has the potential – through collaboration with the banks and fintech partners – to fix some of the biggest problems SMEs will face in the coming months. OpenLending is a fully digital platform that established banks can use to get finance to small businesses within minutes, opposed to weeks or even months. Digital access to finance is particularly valuable now where COVID-19 may lead to severe disruption of bank branch networks and call centres, reducing their ability to provide the service level that they aim for under normal circumstances. Now is the time to come together and work collaboratively to solve this problem.”
iwoca then added that OpenLending API has already integrated with finance partners in Europe, such as Alternative Business Funding, Capitalise, CardOneBanking, Divido, Finpoint, FundingOptions, FundingXchange, Leadsource International, Monese, MVF, Rangewell, Sorodo, Think Business Finance, and tide.