Binq has integrated with iwoca, a European SME lender, to offer funding to businesses and small enterprises in the UK.
By connecting their businesses via Open Banking and uploading documents to the Binq app, SMEs can view funding options securely. Following the application, eligible businesses are approved within 24 hours, with funding available instantly.
Funding driven by Open Banking
As part of the agreement, iwoca will assess eligibility in real time by connecting SMEs’ business banking accounts to the Binq app and offering its AI chat function with supporting documents. Approval time is as little as 24 hours, and SMEs can access funding of between GBP 1,000 and GBP 1 million for one day to five years with no early repayment fees.
Additionally, according to iwoca’s SME Expert Index, 74% of finance brokers report submitting the majority of finance applications to alternative lenders rather than high street banks. This reflects how high street banks are struggling to meet the demands of today’s small and medium businesses.
For a significant number of SMEs, funding is crucial to support cash flow and growth. According to iwoca, 73% of SME finance brokers say faster decisions are crucial for their clients. With Open Banking data, Binq’s AI chat function delivers performance insights, personalised funding, and insurance and energy options, helping owners reduce costs and save time.
Binq believes that the partnership can offer UK SMEs fast and easy access to affordable funding, which is essential for their stability and growth. According to Binq, the first hour since the launch brought the first client, and their funding took 15 minutes from the submission, handled by the AI chat function.
iwoca expressed positive sentiments regarding the initiative, saying it aims to improve the application process so that brokers and customers can receive instant offers and updates without leaving the Binq platform.
