This week, we're delighted to announce that we've integrated with iwoca. By connecting your business to the Binq app via Open Banking and uploading documents, SME owners can view their funding options and By partnering directly with iwoca, we can offer UK SMEs fast access to affordable funding, whether they need to smooth cashflow or grow. 

CEO Jamie Stewart

Since founding and selling a very successful fintech startup himself, CEO Jamie Stewart knows exactly what the pain point is.

If you’ve ever tried to get funding for a small business, you’ll know it can be a painful process. You've probably got a great reason for needing the money, but the process takes too long and by the time you get an answer, the moment’s passed.

That’s exactly what we’re trying to avoid at Binq.

We’ve just partnered with iwoca because they do funding in a way that makes sense for how small businesses actually run.

Here's what that means in practice

Jamie explained more about why this iwoca integration makes life easier for the dozens of UK SMEs who come to Binq for funding every day:

You connect your business bank account to Binq, upload a few documents and iwoca can look at whether you’re eligible straight away. For many businesses, approval happens within 24 hours. Sometimes quicker.

Funding can be anything from £1,000 up to £1 million, over short or longer terms, and there are no early repayment fees. If you want to pay it back early, you can. No penalties, no awkward conversations.

When we switched this on, someone used it almost straight away. From filling in the form to having funding agreed took about 15 minutes, all handled through our chat. That’s the kind of experience we want people to have. You get what you need, then you get on with your day.

Speaking in more detail about Binq's trajectory since it's inception, Jamie added:

Since we launched last summer, more than 15,000 businesses have used Binq and we’ve seen over £500 million in funding enquiries come through. Most of those have gone through our chat, which tells us people don’t want long forms or phone calls. They want clear answers and a quick decision.

This partnership is a big step for us, but more importantly it’s practical. It makes funding easier to access when it’s needed, without turning it into a whole project.

If you’re running a business and want to know what funding options are actually open to you, this makes that easier to find out.

That’s the whole point.