iwoca, one of Europe’s leading SME lenders, has announced a partnership with Teya, a growing all-in-one financial services platform for small businesses. The move will give Teya’s UK customers direct access to iwoca’s Flexi-Loan via their app or web portal, with approvals typically completed within minutes.
Through the partnership, small firms can now unlock loans from £1,000 to £1 million, with terms ranging from a single day up to 60 months. Applications are fully paperless, there are no early repayment fees and funds are generally available within minutes.
The launch comes as iwoca’s SME Expert Index reveals that 73% of SME finance brokers identify faster decisions as the top priority for their clients. The same survey shows that 76% of brokers expect SME finance demand to increase sharply over the coming months.
Siddhartha Ram, Product Director at Teya, said: “This partnership is another step in our journey to build truly useful financial services for small businesses. Whether it’s payments, accounts or funding – our aim is to give business owners the tools they need to thrive, with none of the complexity.”
Colin Goldstein, Chief Commercial Officer at iwoca, said: “Teya shares our belief that small businesses should have quick and uncomplicated access to the finance they need to grow. Working together, we can ensure that capital is available when and where it’s needed most.”
The Flexi-Loan is available now to eligible Teya customers across the UK.
