The Binq and iwoca partnership pairs AI-powered customer interaction with Open Banking data to shorten the path from application to funding for UK small and medium enterprises. The collaboration aims to make decisioning faster, clearer and more relevant to modern business cashflow needs.
Bridging the SME Funding Gap
Traditional banks often require lengthy paperwork and rigid credit frameworks, leaving many of the UKs 5.5 million SMEs underserved. Alternative lenders have moved to fill that gap with quicker decisions and flexible terms. Binq and iwoca target businesses that need speed, simplicity and funding that fits irregular revenues.
How AI & Open Banking Deliver Rapid Access
Binq uses AI chat to guide applicants, while Open Banking connections give lenders near real-time visibility into transactions. Together they streamline eligibility checks and risk assessment, cutting manual underwriting time. The partnership supports facilities from about A31,000 up to A31 million, with terms from one day to five years, and approvals that can be issued in minutes or hours, depending on complexity.
Real-time account data reduces documentation, lowers friction and helps lenders price offers to match business cashflow. For SMEs, that translates to faster access to working capital, reduced administrative burden and clearer repayment options that mirror trading cycles.
Industry Leaders on the Future of Lending
Jamie Stewart, CEO of Binq, said: “Our goal is to make funding transparent and fast. Using AI to interpret a businesss story alongside live banking data means we can match eligible firms with the right options quickly.”
Colin Goldstein, Chief Commercial Officer at iwoca, added: “Combining iwocas lending experience with Binqs front end gives SMEs clarity and speed when they need cashflow support. This is about lowering barriers to growth for businesses across the UK.”
The collaboration reflects a broader fintech trend: embedding AI and Open Banking into lending workflows to democratize access to finance while improving risk decisions for lenders.
Conclusion: Binq and iwoca show how AI-driven interfaces plus real-time banking data can shorten funding cycles and expand access to capital, helping UK SMEs manage cashflow and pursue growth with greater confidence.
