Iwoca finds SME lending approvals through embedded finance are 58% higher
The surprisingly simple reason why embedded lending is outperforming Iwoca's direct applications.
The stats are that in the first quarter of 2021, 50 per cent of Iwoca borrowers coming from an embedded finance partner had a lending decision in sub-two minutes, compared to just 12 per cent of direct applications.
And approvals were 58 per cent higher when coming through an embedded finance partner.
That’s versus the applications that come directly to Iwoca’s website, where applicants might not have all the information they need or might not be able to submit as detailed information.
“iwoca has led the way in developing embedded finance products, and well over a quarter of businesses we are now serving come through our embedded finance partners,” said Colin Goldstein, commercial growth director at Iwoca.
“Accelerating this should be a central pillar to rebuilding our economy, and we look forward to working with more partners to help their small business customers get the finance they need.”
Hear more about embedded finance at AltFi’s Open Banking Forum 2021, a free virtual afternoon event on 6 October. Register your ticket today!