iwoca Capitalises on Growing Sme Loan Demands With mmob Partnership

iwoca Capitalises on Growing Sme Loan Demands With mmob Partnership

The partnership will enable banks and other large financial institutions to easily embed small business loan provision into their digital ecosystems and ensure they can rapidly meet the rising demand for alternative lines of credit from SMEs eager to invest in their growth post-pandemic. In addition, the secure processing and seamless sharing of customers’ personal and account information between iwoca and mmob’s partners will significantly reduce the time small businesses need to invest in filling out lengthy forms and submitting paperwork. This will help to remove the complexity of applying for a loan and greatly increase the speed at which business owners can access much-needed lines of credit. Something banks, in particular, are well placed to leverage already having many of the relevant data points required for loan applications. “As big banks reduce their risk appetite, we believe embedded finance is the future of SME lending ,” said Colin Goldstein , Commercial Growth Director at iwoca. To that end, “mmob presents an exciting opportunity for us and a win-win for everyone involved in its ecosystem. It will ensure mmob’s commercial partners can quickly respond to the increasing demand for credit from small and medium enterprises, and enable us to further