Xero has added finance providers MarketInvoice, iwoca and DueCourse into its app marketplace to give SME’s easier access to capital.
The Xero marketplace allows over 500 service providers to seamlessly connect with its 862,000 subscribers in more than 180 countries.
The integration aims to bridge the gap between small businesses and financial service providers and will improve small businesses’ access to capital and credit.
This tie-up in the UK follows an announcement at the end of last year when French invoice finance platform Finexkap partnered with cloud accounting giant Sage and adds to the growing trend of origination/credit data partnerships around the world as finance providers compete to broaden their reach and bring much-needed awareness of alternative sources of finance to SME’s.
According to The British Business Bank, awareness of alternative finance is as low as 40 per cent in many parts of the UK and a recent report from the CBI says increased awareness of alternative finance for SMEs could add an estimated £20bn to the UK economy by 2020.
Commenting on the partnership Paul Haydock, CEO at DueCourse, said: “Partnering with Xero is the result of hard work by both companies to ensure that our customers receive the best possible experience when using DueCourse with Xero.”
Colin Goldstein, iwoca Head of Strategic Partnerships, said: “iwoca’s product is perfectly suited to Xero customers, and this new time-saving is hugely valuable to Xero customers and their accountants. We are delighted to have forged this partnership and look forward to funding many Xero customers.”
Anil Stocker, co-founder, and CEO of MarketInvoice says: “It is our stated mission to support the funding needs of businesses of all shapes and sizes by challenging the status quo and finding innovative routes to market. Our service allows businesses to integrate directly with Xero ensuring a speedy setup and easy maintenance saving time and resource.”
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.