UK-based lending company Iwoca teams up with Teya to provide flexible loans to small and medium-sized enterprises (SMEs) in the UK.
Iwoca, a lending platform that has provided funding to over 100,000 businesses since its launch in 2012, has partnered with Teya to offer flexible loans to small businesses in the UK. This partnership aims to meet the growing financial needs of UK SMEs efficiently and rapidly.
Through the partnership, small businesses can apply for Iwoca’s Flexi-Loan product directly through the Teya app or web portal and receive approved funds within minutes. The Flexi-Loan, which features no early repayment fees, offers loans ranging from £1,000 to £1 million, with terms from one day to 60 months.
This strategic partnership combines Iwoca’s lending capability with Teya’s streamlined digital platform. Siddhartha Ram, product director at Teya, stated that this partnership is a step in their journey to build financial services for small businesses. Colin Goldstein, iwoca’s chief commercial officer, shares the belief that small businesses should have quick and uncomplicated access to finance for growth.
The partnership comes at a time when there is a significant increase in SME demand for finance, according to Iwoca’s SME Expert Index. The Index reveals that 73% of UK brokers consider faster loan decisions a top priority for their clients, and 76% predict an increase in SME demand for finance in the coming months. The demand for loans over £100,000 is expected to surge this year.
Iwoca and Teya aim to reach more business owners and ensure that capital is available when and where it's needed most. This partnership is set to revolutionise the way small businesses access funding, providing them with a swift, straightforward, and flexible solution to their financial needs.
Small businesses can now access faster financing through the partnership between Iwoca and Teya, with the latter offering direct applications for Iwoca's Flexi-Loan product via their app or web portal. This partnership, aiming to meet the growing demand for finance among UK SMEs, offers loans ranging from personal-finance needs of £1,000 to substantial business investments of up to £1 million.
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