iwoca partners with business account provider Countingup to offer flexible loans

iwoca, one of Europe’s largest SME lenders, has announced its collaboration with business account provider Countingup, offering nearly 10,000 Countingup users immediate access to business finance.

Leveraging Countingup’s comprehensive finance, accounting, and tax management capabilities, this partnership integrates iwoca’s API into Countingup’s business account platform, facilitating swift and adaptable financing options for users.

This integration introduces iwoca’s Flexi-Loan for SMEs directly within the app, utilising Countingup’s data and user interface to simplify the loan application process. This initiative aims to empower small businesses by providing them with greater control over their financial operations.

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.”