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FinTech companies in the UK- The UK Lending FinTech ecosystem is brimming with disruptive companies. FinTech lenders employ the latest technologies to streamline the traditionally out-of-date and non-transparent lending process. FinTech has allowed lenders to power and accelerate their payment processing time and offer personalized experiences based on each loan and mortgage seeker’s needs.
Check out the 4 FinTech lenders that have constantly been innovating and boosting their market presence in the UK-
announced a UK-first integration with small business platform Xero. iwoca’s invoice checkout – iwocaPay will be integrated into Xero’s platform for enabling small businesses to provide a Pay Later option to their business customers. The collaboration will allow iwocaPay to be directly accessible in Xero. is a UK bank for small and medium-sized companies that provides business and property loans. The FinTech, recently, received approval for an additional CBILS allocation by the British Business Bank. The Bank has approved over £600 million in new loans to support British businesses since the lockdown began on 23 March, including £220m through the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
The bank, which gained regulatory approval in early 2015, was founded by entrepreneurs Rishi Khosla and Joel Perlman, who had previously founded Copal Amba. In 2019, the bank’s pre-tax profit was £65.9m, a 95% jump from 2018.
OakNorth Bank aims to provide flexible and accessible debt finance (from £500k to £50m) to fast-growth businesses and established property developers/investors. It has debt finance teams in London, Manchester, Bristol, Birmingham, Leeds, and East Anglia.
iwoca is an online FinTech company based in London. It offers credit facilities to small businesses trading in the UK and Germany via an automated lending platform. Iwoca recently secured funding via the government’s Future Fund scheme, a funding program that aims to offer high growth firms an opportunity to match third party investments of up to £5 million by subscribing for convertible loans issued by such firms.
The FinTech lender announced a UK-first integration with small business platform Xero. iwoca’s invoice checkout – iwocaPay will be integrated into Xero’s platform for enabling small businesses to provide a Pay Later option to their business customers. The collaboration will allow iwocaPay to be directly accessible in Xero.
Founded in 2011 by Christoph Rieche, CEO and James Dear, CTO, iwoca provides loans of up to £250,000 to small and micro businesses via its website and through its lending API and Open Banking, using digital solutions to slash the time and paperwork required to approve funds.
UK-based B-North aims to deliver an outstanding borrowing experience for SME businesses and intends to offer competitive savings products to UK retail consumers and business customers.