The broker platform is an exciting development for iwoca and we have a number of brokers already signed up to use it.
Brokers able to access up to £50,000 credit via the UK’s top-rated business lender
3 February 2015 – Small business financing company iwoca has today launched its new broker platform, which allows brokers same day access to up to £50,000 credit for their SME clients.
The new platform offers a personalised dashboard where brokers take just five minutes to sign-up and can have funding with their client within hours. iwoca has lent more than £30million to small businesses across 5,000 transactions since its 2012 launch, and the launch of its broker portal opens up further funding options for SMEs.
Former broker and head of iwoca’s broker team, Pervin Govender commented:
“Small business demand for alternative funding is growing on a daily basis and this portal will be a major opportunity for brokers to benefit from this burgeoning market. The old model for brokers to access finance for their clients was archaic and inefficient, and we believe our platform is the fastest and easiest to use in the market. The whole process is carried out online, meaning brokers can get approval on a client loan within hours and their commission paid immediately.”
iwoca works by making lending decisions based on data taken from business bank accounts, payment processors, ecommerce platforms and sector-specific providers. This data is used to make a rapid decision on whether to make a loan, delivering flexible access to finance to small businesses unable to work with banks or other lenders.
iwoca was rated the number one business lender on independent reviews site, TrustPilot, and the new broker platform will come with similarly high levels of service. It applies best practice rules to make sure all small business customers will be treated fairly and offers a dedicated support team to ensure queries are handled quickly and efficiently.
Pervin is a member of the National Association of Commercial Finance Brokers (NACFB) and believes that brokers will relish the chance to work with a quality platform offering competitive decisions:
“The broker platform is an exciting development for iwoca and we have a number of brokers already signed up to use it. The potential for brokers is vast and it is set provide struggling small businesses with another option for access to finance.”
Future features on the broker platform will include a deal checker enabling a broker to evaluate the deal and put a rating against it to evaluate its eligibility, and the ability to check commission details in real-time.
iwoca was founded in 2012 by investment bankers, Christoph Reiche and James Dear, who recognised the market potential with the small business finance sector, with demand for alternative funding increasing significantly since 2012. The broker portal runs alongside iwoca’s recent international expansion. 2014 saw launches in Poland and Spain, with Germany and other countries planned for Q1 2015 as iwoca seeks to cement its position as the fastest growing small business credit provider in Europe.
For further information:
Paul Allen / Rise PR
firstname.lastname@example.org / +44 (0) 7515 199 487
iwoca is transforming business lending throughout Europe by offering fast and flexible access to credit to the millions of small businesses neglected by the banks. Customers apply online, submitting their trading data through integrations with high-street banks, payment processors, ecommerce platforms and sector-specific providers. This feeds into a proprietary risk engine along with data-points from dozens of external sources, allowing us to offer businesses up to £50,000 within minutes. With 5,000 transactions since launch in 2012, we are one of the fastest growing credit providers in Europe.
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