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PayU and iwoca launch SME partnership in Poland




By Moriah Costa on 24th May 2017

goo.gl/HmOjXw

Financing for small and medium-sized firms in Poland just got easier thanks to lending firm iwoca and lending payment provider PayU.

 

 

 

Lending firm iwoca and lending payment provider PayU are collaborating to make financing for SME firms easier.

 

The partnership, geared towards businesses in ecommerce and eservice, means the entire lending process will take place online for firms in Poland. Loans of up to 20, 000 (£4,100) zloty can be approved within minutes while loans over 20,000  but under 150,000 zloty (£30,000) can take a few hours.

 

Iwoca will provide the loan and PayU will assess the creditworthiness of applications.

 

“It’s all part of our goal to use technology to unlock financial services across the globe”, said Mario Shiliashki, CEO of PayU for the EMEA region.

 

The partnership is good news for young startups. According to Poland’s Credit Information Bureau, 80 per cent of microenterprises in the country do not have business loans.

 

“Our cooperation with such a significant partner as PayU will hopefully mean entrepreneurs will find it even easier to obtain quick financing exactly when they need it most,” said Mariusz Zabrocki, managing director of iwoca Poland.

 

The partnership, which is currently in a pilot phase, is part of a number of collaborations iwoca has with banks and other online marketplaces.

 

Chinese fintech giant Alibaba offers iwoca loans as one of its payment options for orders. Other banks in Europe, including Commerzbank, RBS and NatWest, redirect clients who don’t meet their lending criteria to iwoca.

 

Payments provider PayU operates in 16 high growth markets around the world, supporting over 300,000 merchants.

 

 

 

 

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