mmob has announced the inclusion of iwoca into its network of digital lending providers. According to a company release, the partnership will enable banks and other financial institutions to embed small business loan provisions into their digital ecosystems.
Since 2012, iwoca has provided access to capital to over 50,000 businesses raising over £500 million in equity and debt finance.
mmob provides an API to banks and Fintechs who can then connect to its network of third-party partners and rapidly deploy complementary digital products and services for their customers.
mmob’s partners are said to significantly reduce the time small businesses need to invest in filling out lengthy forms and submitting paperwork to increase the speed at which business owners can access credit.
Colin Goldstein, Commercial Growth Director at iwoca, said that as banks reduce their appetite for risk they believe embedded finance is the future of SME lending:
“mmob presents an exciting opportunity for us and a win-win for everyone involved in its ecosystem. It will ensure mmob’s commercial partners can quickly respond to the increasing demand for credit from small and medium enterprises, and enable us to further extend our reach into new sectors by embedding our solution within the financial apps and systems business owners use everyday.”
iwoca has recently published its quarterly SME Expert Index of UK brokers which found that demand for small business loans is rising rapidly.
Irfan Khan, CEO of mmob, said:
“Banks and traditional finance institutions face increasing competition from the new wave of digital challengers who can more readily meet the demand for digital services. Our partnership with iwoca is a perfect example of how we are helping financial institutions to efficiently and effectively bridge the gap into complementary services that will help build defensibility against digital competitors by keeping account holders engaged, and driving retention and revenue amongst their key market segments. There has never been a better time to grab the opportunity offered by embedded finance.”