Countingup, iwoca partnership accelerates access to business finance

27 Feb 2024

SME lender iwoca has joined forces with business account provider Countingup to offer flexible loans and embedded funding options to nearly 10,000 of Countingup’s users.

The UK-based partnership leverages the power of iwoca’s API to streamline the loan application process for users, allowing them to access finance via Countingup’s business account platform “within minutes”.

As Yusupha Fatty, a Countingup customer and agency nurse, attested, the speed and efficiency of this partnership are crucial for small business owners looking to seize opportunities and overcome financial obstacles.

He said: “I was having major issues with my car as I do a lot of mileage travelling to different hospitals. Therefore, I needed to purchase a new car to get to and from work.”

“I had been with another provider previously but found them quite slow to respond whenever I had a request. The process with Countingup and iwoca has been so much quicker,” he added.

Statistics gathered during the trial period showed that 70% of Countingup’s first cohort of customers received loan decisions in under an hour.

Harry Cranfield, partner channel manager at iwoca, said: “Through our industry-leading API integrations for business lending, we’ve enabled over 30 partners to provide finance within their platforms.

“As we continue to innovate, we’re actively looking for new partners to expand our reach and make finance available to small businesses when and where they need it.”

He added: “Our latest collaboration with Countingup brings us another step closer to that reality. Access to fast and flexible finance not only enhances cash flow management for SMEs, but also fuels their ability to seize opportunities – making their business and the economy stronger as a whole.”

Rory Bocock, head of marketing at Countingup, emphasised the significance of the collaboration in simplifying financial processes for the UK’s self-employed workforce.

“The seamless integration of iwoca’s flexible business loans within our app complements our finance, accounting and tax features – empowering self-employed individuals to confidently run their business,” Bocock said.

“We’re ensuring small business owners have continuous access to the vital financial resources they need to thrive.”

Last year, iwoca partnered with credit information provider CRIF to enable SMEs to get instant decisions on lending applications, powered by Open Banking.