iwoca, a web-based lender serving SMEs, introduced on Wednesday the launch of a brand new platform, OpenLending, which can unify fintechs and banks to increase iwoca’s lending capabilities to over two million UK companies. iwoca reported that the launch of OpenLending varieties a part of its £10 million BCR grant win.
iwoca famous that OpenLending already has 14 companions which have built-in and can convey “the finance ecosystem collectively” by permitting fintechs, banks, brokers, accountants, and bookkeeping platforms to customise their choices of iwoca loans. Christoph Rieche, iwoca’s CEO and Co-Founder, additional shared particulars concerning the platform by stating the next:
“The idea of OpenLending has the potential – via collaboration with the banks and fintech companions – to repair a number of the largest issues SMEs will face within the coming months. OpenLending is a completely digital platform that established banks can use to get finance to small companies inside minutes, against weeks and even months. Digital entry to finance is especially precious now the place COVID-19 could result in extreme disruption of financial institution department networks and name centres, decreasing their capacity to supply the service degree that they purpose for underneath regular circumstances. Now could be the time to return collectively and work collaboratively to unravel this drawback.”
iwoca then added that OpenLending API has already built-in with finance companions in Europe, reminiscent of Different Enterprise Funding, Capitalise, CardOneBanking, Divido, Finpoint, FundingOptions, FundingXchange, Leadsource Worldwide, Monese, MVF, Rangewell, Sorodo, Suppose Enterprise Finance, and tide.