Iwoca joins mmob’s third-party partner network

Open finance partnership platform, mmob, today announced the addition of one of Europe’s largest small business lenders, iwoca, to its growing network of industry-leading third-party digital finance providers. .

The partnership will allow banks and other large financial institutions to easily integrate the supply of small business loans into their digital ecosystems and ensure that they can quickly meet the growing demand for alternative lines of credit from SMEs keen to invest. ” invest in their post-pandemic growth.

In addition, the secure handling and transparent sharing of personal information and customer accounts between iwoca and mmob’s partners will significantly reduce the time that small businesses have to invest in filling out long forms and submitting documents. This will help remove the complexity of applying for a loan and dramatically increase the speed at which business owners can access much-needed lines of credit. Something that banks, in particular, are well positioned to take advantage of because they already have many relevant data points required for loan applications.

“As the big banks reduce their risk appetite, we believe integrated financing is the future of SME lending,” said Colin Goldstein, director of business growth at iwoca. To that end, “mmob presents an exciting opportunity for us and a win-win situation for everyone involved in its ecosystem. This will allow mmob’s business partners to respond quickly to the growing demand for credit from small and medium-sized businesses, and will allow us to expand our reach into new industries by integrating our solution into the financial applications and systems that business owners use daily.

The announcement follows the release of iwoca’s quarterly SME expert index of UK brokers, which found that demand for small business loans is growing rapidly. According to the iwoca index, more than a third (38%) of brokers had submitted more loan applications for unsecured funding in May of this year, compared to the previous four weeks. Additionally, internal iwoca data suggests that half of applications through integrated financial partners receive faster decisions and are 58% more likely to convert than direct applications.

“Traditional banks and financial institutions are facing increasing competition from the new wave of digital challengers who can more easily meet the demand for digital services,” said Irfan Khan, CEO of mmob. “Our partnership with iwoca is a perfect example of how we are helping financial institutions effectively and efficiently bridge the gap between complementary services that will help strengthen defense against digital competitors by maintaining account holder engagement. and driving retention and revenue among their core market segments. . There has never been a better time to seize the opportunity offered by integrated finance.

Mmob’s open funding platform eliminates the complexity, time and resources that financial service providers need to select and deploy partner-centric services. Through its API, banks and large established fintechs can quickly and easily connect to mmob’s third-party partner network and quickly access new verticals, using a single line of code. Integrating partnerships that once took weeks or months can now be accomplished in days.

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