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Fintech - Equals - Users - Travel - Card
UK-based fintech Equals, which offers its approximately 1 million users a travel card, international payments solutions for businesses, and tools to manage spending and expenses, has gone live with its first loan for small- and medium-sized businesses (SMBs) in partnership with SMB lender iwoca, per Finextra.
The product, dubbed CardOneMoney Platinum Business Loan, allows customers to apply for a loan on Equals' app, with the decision and funds available within minutes, and the fintech said it will be a significant revenue contributor for its business. This is its first step into offering loans for both retail and SMB clients through broker relationships: Equals will not be funding those loans from its balance sheet.
Product - Equals - Relationships - Business - Customers
The new product will help Equals build more meaningful relationships with its business customers and further diversify its offering. With SMBs spending up to 30 hours filling out one loan application and only 41% of UK SMBs being able to access capital via their preferred funding route, per a Close Brothers Group survey, there's significant need for alternative SMB lending solutions.
In this environment, fast application capabilities and decision-making processes that leverage alternative data to grant loans to companies with little credit history, which are normally denied access to funding via traditional channels, become critical. Most digital-only banks in the UK started without offering loans, but...
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