Business lender iwoca has launched a new platform which aims to fund two million small and medium-enterprises (SMEs) by 2023.
The OpenLending platform allows fintechs, banks, brokers, accountants and bookkeeping platforms to customise their offering of iwoca loans.
It launched with 14 partner organisations, including business lender Funding Options and business finance aggregator Funding Xchange. The platform will allow these partner companies 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, co-founder and chief executive of iwoca.
“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.
“With our proven track record, we’re confident that by bringing the industry together we can give at least two million small businesses access to finance.”