CRIF, an Europe-based credit information provider, partnered with iwoca, a fintech business lender, to offer SMEs access to an Open Banking-powered credit profile through CRIF's Credit Passport service. The partnership will see Credit Passport service fully integrated into iwoca's lending platform, reportedly making it easier for SMEs to access instant lending decisions.
Through the partnership, SMEs using the Credit Passport service will be able to apply for iwoca loans directly from their account, with the application pre-populated with all information from their credit profile. The integration of services streamlines the onboarding process, supposedly making it faster and more efficient. This means businesses can avoid spending lengthy amounts of time filling in loan applications and submitting documentation.
The new system also aims to reduce the uncertainty created by long, drawn-out decision processes. With the most up-to-date financial information at hand, lending decisions can be made almost instantly, and funds can be transferred on the same day, the official press release states.
The partnership provides UK SMEs with a reportedly fast and straightforward solution for accessing lending, enabling businesses to access the funds they need in a timely manner. Small businesses are considered the backbone of the UK economy, and this approach can help them navigate the cost of living crisis while encouraging economic recovery.
In summary, CRIF and iwoca's partnership to bring Open Banking-powered instant lending to UK SMEs offers a game-changing solution for small businesses struggling in the current economic climate. By streamlining the lending process and making it more accessible, businesses can access the funds they need to grow and thrive, helping to drive economic recovery in the UK.
Iwoca is a financier for small and medium-sized enterprises (SMEs) based in the UK. The company revealed in February 2023 that it had secured an additional EUR 50 million in funding, bringing its financing limit to EUR 193 million. The lender reported a 50% surge in the number of financed customers in 2022, with a total of 15,429 companies. Furthermore, Iwoca expanded the maximum amount of its flexi loan from EUR 200,000 to EUR 500,000 in the same year.
On the other hand, in July 2022, Europe-based credit information provider CRIF expanded its Open Banking-powered consumer credit solution to the UK, enabling more people to access affordable, responsible credit during the current economic climate.
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