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iwoca Announces OpenLending Which Aims To Serve 2 Million SMEs by 2023 in Fintech First
[March 18, 2020]

iwoca Announces OpenLending Which Aims To Serve 2 Million SMEs by 2023 in Fintech First

- Easy money mobile app, Monese, becomes latest partner to join OpenLending, with Xero planning to join within a year.

- Through OpenLending iwoca can enable fintechs, banks and other partners  to provide micro businesses with fast and digital access to finance at a crucial time

LONDON, March 18, 2020 /PRNewswire/ -- iwoca, one of Europe's largest business lenders has today announced OpenLending, the new platform that - for the first time - can unify fintechs and banks to extend iwoca's lending capabilities to over two million UK businesses.

With 14 partners already integrated [1], OpenLending brings the finance ecosystem together, allowing fintechs, banks, brokers, accountants and bookkeeping platforms to customise their offering of iwoca loans. This new platform allows partners such as Monese, Funding Options and Funding Xchange to tailor the user experience for their customers, giving them decisions and access to funds in seconds. 

"The concept of OpenLending has the potential – through collaboration with the banks and fintech partners – to fix some of the biggest problems SMEs will face in the coming months," said Christoph Rieche, iwoca's CEO and co-founder

"OpenLending is a fully digital platform that established banks can use to get finance to small businesses within minutes, opposed to weeks or even months. Digital access to finance is particularly valuable now where COVID-19 may lead to severe disruption of bank branch networks and call centres, reducing their ability to provide the service level that they aim for under normal circumstances. Now is the time to come together and work collaboratively to solve this problem."

"With our proven track record, we're confident that by bringing the industry together we can give at last two million small businesses access to finance."


"We want our small business customers to have the very best access to funding so that they can really thrive, which is why we've integrated with iwoca's OpenLending platform," said Atul Choudrie, Chief Commercial Officer at Monese. "It's important that we partner with a leader in the SME lending space and give our customers the very best tools to control their finances and manage important cash flow gaps. We started Monese with a goal to provide businesses with financial freedom anywhere and everywhere, and I believe OpenLending will help us do that."

Xero and OpenLending

iwoca and Xero, the UK's leading online accounting platform, are currently undertaking deep research with a view to a potential customised finance solution in early 2021. This would be designed and built specifically for Xero's customers, and making tailored finance products directly accessible from within the core Xero software.

  1. iwoca's OpenLending API has already integrated with some of the most progressive finance partners in Europe, including; Alternative Business Funding, Capitalise, CardOneBanking, Divido, Finpoint, FundingOptions, FundingXchange, Leadsource International, Monese, MVF, Rangewell, Sorodo, Think Business Finance, tide.
  2. The launch of OpenLending forms part of iwoca's £10 million BCR grant win.

About iwoca

iwoca is unlocking economic growth by expanding the financial possibilities available to small business owners. No more convoluted forms, long waits and unfairly rigid criteria. Using our award-winning technology we offer loans of up to £200,000 through our website, partner integrations and our Lending API. Since launching in 2012, we have made funding available to 50,000 businesses and have raised over £400 million in equity and debt finance. For more information go to, like our Facebook page and follow us on Twitter @iwoca and Instagram @iwoca.

About Monese

Monese was launched in 2015 by Norris Koppel, after his first-hand experience of the hassle involved with opening a bank account in a new country. Monese gives people the financial freedom to thrive anywhere. Monese is for the hundreds of millions of people who live some part of their life in another country - whether it's for travel, work, business, study, family, or retirement. With its mobile-only multi-currency accounts, its portability across 31 countries, and both the app and its customer service available in 13 languages, Monese allows people and businesses to bank like a local across the UK and Europe.

With over 2 million sign-ups, 70% of incoming funds being from salary payments, and a 4.3/5 TrustPilot score, Monese is one of the fastest growing, most popular and trusted banking services in the UK and Europe.Monese fully supports and speaks; English, French, German, Romanian, Polish, Portuguese, Italian, Spanish, Bulgarian, Czech, Lithuanian, Estonian and Turkish.

The company employs 400 people, and has offices in London, Tallinn, Lisbon and Berlin.

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