iwoca joins mmob to enable banks to embed and offer alternative credit options

mmob has the inclusion of. announced iwoca into its network of digital loan providers. According to a company release, the partnership will enable banks and other financial institutions to embed small business loan regulations into their digital ecosystems.

Since 2012, iwoca has given over 50,000 companies access to capital that have raised over £ 500 million in equity and debt.

mmob provides banks and fintechs with an API, which can then connect to their network of third-party partners and quickly provide complementary digital products and services for their customers.

Mmob’s partners are designed to significantly reduce the time small businesses spend filling out long forms and filing paperwork to increase the speed at which business owners can access credit.

Colin Goldstein, Commercial Growth Director at iwoca, said banks that are reducing their risk appetite see embedded finance as the future of SME lending, in their opinion:

“Mmob offers an exciting opportunity for us and a win-win situation for everyone who is involved in their ecosystem. It will ensure that mmob’s trading partners can respond quickly to the growing demand for credit from small and medium-sized businesses, and it will allow us to expand our reach into new sectors by embedding our solution with the financial applications and systems that business owners use on a daily basis. “

iwoca recently released its quarterly UK Broker SME Expert Index, which finds that demand for small business loans is growing rapidly.

Irfan Khan, CEO of mmob, said:

“Banks and traditional financial institutions are facing increasing competition from the new wave of digital challengers who can more easily meet the demand for digital services. Our partnership with iwoca is a perfect example of how we are helping financial institutions efficiently and effectively bridge the gap on complementary services that help build defenses against digital competitors by retaining account holder loyalty and customer loyalty and the Increase sales in their key market segments. There has never been a better time to seize the opportunity that embedded finance offers. “