More UK small and medium-sized businesses (SMEs) will be able to get instant decisions on lending applications, helping to ease pressure of the cost of living crisis and boost economic recovery.
The innovation has been made possible through a new partnership between top fintech business lender, iwoca, and CRIF.
The embedded finance partnership will see CRIF’s Credit Passport® service – which provides SMEs with access to an open banking-powered credit profile – fully integrated into iwoca’s own services and lending platform, enabling instant decisions on business loans up to £25,000 and decisions within 24 hours for loans up to £500,000.
The move means SMEs using the free Credit Passport® service will be able to apply in just 1 minute for an iwoca loan directly from their account, with the application pre-populated with all information from their credit profile.
Fully integrating service in this way streamlines the onboarding process and reduces the burden on businesses, from cutting time spent filling in lengthy loan applications and submitting documentation, to avoiding long, drawn-out decision processes which create unnecessary uncertainty. Drawing on the business’s most up-to-date financial information, decisions can be made almost instantly and funds then transferred on the same day.