Iwoca extends lifeline to SMEs, makes its invoicing tool free for all

By Aisling Finn on Monday 9 November 2020

Alternative Lending

With iwocaPay SMEs can be paid upfront and their customers can split the cost of their purchase over 90 days.

Iwoca extends lifeline to SMEs, makes its invoicing tool free for all
Image source: Lara Gilman/iwoca

 

Alternative lender iwoca continues its mission of helping the UK’s SMEs through the coronavirus crisis, making its buy now pay later product available to all as of today. 

iwoca's invoicing product, iwocaPay, will be free to use throughout the entirety of the second national lockdown, with the fintech saying that there is a chance the offer could be extended in line with a lockdown extension. 

The product, which was launched in June 2020, helps SMEs to get paid and to help both SMEs and their customer spread the cost of purchases over 90 days. 

Lara Gilman, co-lead of iwocaPay, said: “We want to open up our product to help as many people as possible get paid during this time. We now know that lockdown has amplified the challenges SMEs have been battling such as low productivity and late payments, so removing all of iwocaPay’s fees will help ensure the same thing does not happen again.” 

“Coronavirus can and should trigger a step-change for small businesses to become more efficient, productive and resilient. We want to help by doing our bit and being there for small businesses when they need us the most.” 

Research from the fintech released in June highlighted the need for iwoca’s invoice protection product. 

iwoca discovered that, during the first national lockdown, nearly half (40 per cent) of SMEs had £10,000s in unpaid invoices.  

As of today, iwocaPay is available to all limited companies and sole traders in the UK for invoices between £150 and £15,000.

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