Berg Money and iwoca to fuel small business growth with expansion of business loans
London
Nov 14, 2022
Berg Money and iwoca to fuel small business growth with expansion of business loans
Berg Money, the UK payments provider, announced today that it will work with small business lender, iwoca, to roll out their Flexi-loan product to Berg Money’s customer base.
iwoca’s Flexi-loan allows customers to borrow up to £500,000 from 1 day to 1 year without early repayment fees and provides a much-needed lifeline to UK start-ups and SMEs in the current economic climate.
Most of the small business owners operating in the eCommerce segment find it difficult to get access to funding when they need to bridge cashflow gaps, buy new inventory and expand their business. Berg Money's embedded finance partnership with iwoca will provide just that – a fully digital, seamless, and quick application process where a credit decision takes minutes, not days; instantly unlocking business financing.
“With the UK SMEs being a backbone of our economy, it’s not fair that they are being deprived of the funding which is vital to their growth,” said Dennis Nemerov, Berg’s CEO. "With the eCommerce sector and cross-border trade recovering post pandemic, we are proud to support British businesses creating a customer-friendly alternative to high street banks and legacy players. Thanks to our partnership with iwoca we are able to offer frictionless onboarding and near-instant decision times, aiming to help companies attract working capital and weather the upcoming economic slowdown."
Nemerov continues: “We’ve launched Berg Money with a goal to improve the financial standing of UK businesses and I believe iwoca’s Flexi-Loan product perfectly serves this purpose.”
Managing day-to-day cashflow remains the key driver for small businesses applying for business financing. Low fees, transparency, fair rates and clear repayment schedule are the most sought-after factors when getting a business loan. With Berg Money it takes less than 5 minutes to apply, and the money can be deposited into company’s business account within hours.
Simple loan calculator instantly illustrates what your chosen loan amount will cost, the monthly repayment schedule and the interest rate charged giving complete transparency to what will be paid prior to the application.
ENDS
About Berg Money
Berg Money is a financial technology platform helping companies open business accounts and providing payment services to start-ups and SMEs across Europe. We help businesses optimise their payments and save on operating costs while doing business internationally. Berg Business offers in-house technology to automate customer onboarding and streamline cross-border payments. Berg Money has positioned itself as a Fintech leader that provides integrated financial solutions including local and international payments, company card programmes, foreign exchange services and business loans.
For more information visit: https://berg.money/business
About iwoca:
iwoca is unlocking economic growth by expanding the financial possibilities available to small business owners. Since launching in 2012, we’ve made more than £3.5 billion of finance available to 70,000 businesses, and raised over £500 million in equity and debt finance. We provide loans, payments and invoice solutions for small businesses in any industry. For more information go to www.iwoca.co.uk, like our Facebook page and follow us on Twitter @iwoca and Instagram @iwoca