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.”