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iwoca partners with business account provider Countingup to offer flexible loans

March 1, 2024

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iwoca announces a partnership with business account provider Countingup to make business finance available to almost 10,000 of Countingup's users at the touch of a button.

Building on Countingup’s suite of built-in finance, accounting and tax management features, this new collaboration uses iwoca’s API to embed fast and flexible funding options into Countingup’s business account platform. This now means users can access finance seamlessly within minutes.

The integration will see iwoca’s Flexi-Loan for SMEs made available on the app, and uses Countingup’s data and interface to streamline the loan application process, in a move to empower small businesses to take better control of their finances.

Yusupha Fatty, a Countingup customer and an agency nurse providing general nursing services to various NHS hospitals across the country, emphasised the significance of access to loans for his small business, explaining, "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."

Describing his experience, Yusupha added, “It was one of the easiest and most straightforward applications I’ve ever come across.”

“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.”

Initial data collected during a trial of the partnership found that 70% of Countingup’s first cohort of customers applying for finance with iwoca received a loan decision in under an hour.

Yusupha says the speed of the funding was crucial: “It had a massive impact - without it, I wouldn’t have been able to work”.

Harry Cranfield, iwoca Partner Channel Manager 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.
“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 said: “Our collaboration with iwoca represents a big step forward in our mission to automate and simplify finances for the UK’s self-employed. 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. We’re ensuring small business owners have continuous access to the vital financial resources they need to thrive.”

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