Iwoca has launched its new broker platform, which allows brokers same day access to up to £50,000 credit for their SME clients.
The platform offers a personalised dashboard where brokers can have funding with their client within hours of signup.
Iwoca has lent more than £30 million to small businesses across 5,000 transactions since its 2012 launch and believes the broker portal launch will open up further funding options for SMEs.
Pervin Govender, a former broker and head of iwoca’s broker team, said: “Small business demand for alternative funding is growing on a daily basis and this portal will be a major opportunity for brokers to benefit from this burgeoning market.
“The old model for brokers to access finance for their clients was archaic and inefficient, and we believe our platform is the fastest and easiest to use in the market. The whole process is carried out online, meaning brokers can get approval on a client loan within hours and their commission paid immediately.”
Iwoca works by making lending decisions based on data taken from business bank accounts, payment processors, ecommerce platforms and sector-specific providers. This data is used to make a rapid decision on whether to make a loan.
Govender, a member of the National Association of Commercial Finance Brokers (NACFB), added: “The broker platform is an exciting development for iwoca and we have a number of brokers already signed up to use it. The potential for brokers is vast and it is set provide struggling small businesses with another option for access to finance.”
Future features on the broker platform will include a deal checker enabling a broker to evaluate the deal and put a rating against it to evaluate its eligibility, and the ability to check commission details in real-time.
