Finextra

Iwoca announces OpenLending in bid to serve 2 million SMEs by 2023

Publication: Finextra
18th March 2020


iwoca, one of Europe's largest business lenders has today announced OpenLending, the new platform that – for the first time – can unify fintechs and banks to extend iwoca's lending capabilities to over two million UK businesses.

With 14 partners already integrated1, OpenLending brings the finance ecosystem together, allowing fintechs, banks, brokers, accountants and bookkeeping platforms to customise their offering of iwoca loans. This new platform allows partners such as Monese, Funding Options and Funding Xchange to tailor the user experience for their customers, giving them decisions and access to funds in seconds.

“The concept of OpenLending has the potential – through collaboration with the banks and fintech partners – to fix some of the biggest problems SMEs will face in the coming months.” said Christoph Rieche, iwoca's CEO and co-founder. “OpenLending is a fully digital platform that established banks can use to get finance to small businesses within minutes, opposed to weeks or even months. Digital access to finance is particularly valuable now where COVID-19 may lead to severe disruption of bank branch networks and call centres, reducing their ability to provide the service level that they aim for under normal circumstances. Now is the time to come together and work collaboratively to solve this problem”