Capitalise launches partnership with Barclays and teams up with iwoca to offer instant quotes for SMEs

By John Reynolds on Tuesday 22 October 2019

Alternative Lending

Capitalise says the tie-up marks first time businesses can get instant quotes on funding from a mainstream bank, with product comparison.

Capitalise launches partnership with Barclays and teams up with iwoca to offer instant quotes for SMEs
Image source: Image of Ollie Maitland provided by company

Capitalise, a funding platform for accountants, and high street bank Barclays have launched partnership to offer "instant funding quotes" for small and medium enterprises.

The service is called Instant Quotes and is being launched by Capitalise, who also are teaming up with iwoca, the small business lender. 

Capitalise says the service will mean accountants can get funding quotes instantly on behalf of clients, helping them take on the “advisory roles previously performed by bank managers".

It also says the tie-up marks the first time that businesses can get instant quotes on funding from a mainstream bank, with product comparison.

According to Capitalise, SME bosses are increasingly turning to accountants for advice on financial products, in light of an estimated 50,000 bank managers leaving the market since the 1990s.

The funding platform collects data from partners including Sage, assessing the financial health of a company, after which advisers will get an instant quote from iwoca, Barclays and other providers.

Capitalise says the service, using Open Banking APIs, means businesses can compare thousands of lending products.

Capitalise, which announced a £3.5m Series A funding round in February this year, says the service rapidly speeds up the decision-making process, as advisers had previously had to wait several days before being able to pass a recommendation to their client.

Colin Goldstein, iwoca’s Commercial Growth Director, said: “We strongly believe in the benefits of a connected and cooperative marketplace and have a proven track record of helping accountants access finance for their clients.”

“We’re trusted by accountants and delighted to work with Capitalise so that we can help make access to finance even more seamless for the market they serve.”

“Our tech-led approach over the years has meant we were the first small business lender to launch a lending API which allows fintech partners such as Capitalise to neatly embed our services into their own products. Our vision is to fund small businesses when, where and how they need it – this partnership will help us fulfil that.”

Ollie Maitland, co-founder and Chief Product Officer, Capitalise, said: “Consumer finance providers have long been able to offer products instantly to customers but the technology to do the same for businesses has lagged behind."

“Instant Quotes is the first step towards creating a universal API that will enable lenders to do so and, launching today with iwoca and a high street bank, means that advisers can receive real-time quotes for clients, enabling great service.”

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