Source: TotallyMoney / Binq
Binq, the business marketplace, has integrated with iwoca, using Open Banking data to provide the UK’s 5.5 million SMEs with funding options from £1,000 to £1,000,000, with no early repayment fees.
By connecting their business via Open Banking and uploading documents to the Binq app, SME owners can view their funding options, safely and securely. Following the quick application, eligible businesses are approved within 24 hours, with funding available instantly.
For many SMEs, funding is key in supporting cashflow and growth, and iwoca’s SME Expert Index revealed that 73% of SME finance brokers say faster decisions are their clients’ top priority.
Binq launched in August 2025 to support owners in managing and growing their businesses. With Open Banking data, Binq’s AI chat function provides performance insights, and matches SMEs with personalised funding, insurance and energy options, helping owners reduce costs and save time, so they can focus on what really matters.
Jamie Stewart, binq
Jamie Stewart, chief executive officer of Binq, comments: “This is a big step forward for Binq and the businesses we support. By partnering directly with iwoca, we can offer UK SMEs fast access to affordable funding, whether they need to smooth cashflow or grow.
“Within an hour of the integration going live, we had our first customer – while funding took just 15 minutes from form submission, and was handled end-to-end by our AI chat function. Speed and clarity make a real difference when a business needs funding, and this integration helps to deliver both.”
Colin Goldstein, chief commercial officer at iwoca, adds: “We’re excited to launch our broker API integration with Binq, streamlining the application journey so their brokers and customers can receive instant offers and updates without leaving the Binq platform.
“This partnership will drive faster decisions, closer collaboration, and greater value for UK SMEs.”
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