iwoca and Binq collaborate to power new open banking funding channel for UK SMEs
Binq, AI and open banking powered business marketplace has integrated with one of Europe’s largest SME lenders iwoca, to offer funding to UK businesses:
- By connecting their business banking to the Binq app, and providing its AI chat function with supporting documents, iwoca securely assesses eligibility in real time
- Approval takes as little as 24 hours, and SMEs can access funding of £1,000 – £1 million for 1 day to 5 years, with no early repayment fees
- According to iwoca’s SME Expert Index, three in four (74%) finance brokers report submitting the majority of finance applications to alternative lenders rather than high street banks, underscoring how high street banks are struggling to meet the needs of today’s growth-focused SMEs
Since launching in August 2025, Binq has supported more than 15,000 small businesses and seen over £500m in funding enquiries – with 7 in 10 completed by its AI chat function.
Funding when it matters
Binq, the business marketplace has integrated with iwoca, using open banking data to provide the UKs 5.5 million SMEs with funding options from £1,000 to £1,000,000, with no early repayment fees.
By connecting their business via open banking and uploading documents to the Binq app, SME owners can view their funding options, safely and securely. Following the quick application, eligible businesses are approved within 24 hours, with funding available instantly.
For many SMEs, funding is key in supporting cashflow and growth, and iwoca’s SME Expert Index revealed that 73% of SME finance brokers say faster decisions are their clients’ top priority.
Binq launched in August 2025 to support owners in managing and growing their businesses. With open banking data, Binq’s AI chat function provides performance insights, and matches SMEs with personalised funding, insurance and energy options, helping owners reduce costs and save time, so they can focus on what really matters.
Jamie Stewart, CEO of Binq comments: “This is a big step forward for Binq and the businesses we support. By partnering directly with iwoca, we can offer UK SMEs fast access to affordable funding, whether they need to smooth cashflow or grow.
“Within an hour of the integration going live, we had our first customer – while funding took just 15 minutes from form submission, and was handled end-to-end by our AI chat function. Speed and clarity make a real difference when a business needs funding, and this integration helps to deliver both.”
Colin Goldstein, chief commercial officer at iwoca adds: “We’re excited to launch our broker API integration with Binq, streamlining the application journey so their brokers and customers can receive instant offers and updates without leaving the Binq platform. This partnership will drive faster decisions, closer collaboration, and greater value for UK SMEs.”