Capitalise launches ‘Instant Offers’ with iwoca

We're bringing instant funding quotes to small businesses through our partnership with Capitalise. The aim is for small businesses to no longer be forced to compromise on decision making due to speed.

By Victoria Gawlik on 22/10/2019

We're really pleased to announce that Capitalise.com, the leading business funding platform for accountants, has partnered with us and a high street bank to launch Instant Offers. The aim is for small businesses to no longer be forced to compromise on decision making due to speed.

The partnership allows accountants to receive instant quotes on funding applications for their clients. Accountants benefit from offering their clients exceptional customer service with instant quotations and eligibility on suitable financial products. It helps lenders onboard high credit quality businesses faster.

An estimated 50,000 bank managers have left the market since the 1990s, leaving a vaccuum of advice. Both lenders and advisers recognise that leading small businesses are turning to accountants for help with financial products.

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Using Open Banking APIs, Capitalise.com lets businesses compare thousands of lending products. With data collected directly from Sage Business Cloud and QuickBooks, Capitalise.com assesses the financial health of a company and matches it with lenders likely to consider an application for capital. However, without a universal API for the B2B market, advisers had previously waited several days before being able to pass a recommendation to their client.

Instant Offers means that advisers will receive an instant quote from iwoca, among other providers. Instant Offers solves a key challenge for businesses, driven by the behaviour of business owners themselves. Faced with a cash flow issue, they spend just one hour researching providers, with 80% approaching only one lender. Getting a real-time response will help businesses understand their suitability for financial support and overcome challenges quickly, in a format that fits them.

Powered by Microsoft's Azure platform, Instant Offers is the first step towards creating a universal API for SME lending that will support advisers to access quotes from a wide range of lenders in a matter of seconds.

Colin Goldstein, iwoca’s Commercial Growth Director says: "We strongly believe in the benefits of a connected and cooperative marketplace and have a proven track-record of helping accountants access finance for their clients. We’re trusted by accountants and delighted to work with Capitalise so that we can help make access to finance even more seamless for the market they serve. Our tech-led approach over the years has meant we were the first small business lender to launch a lending API which allows Fintech partners such as Capitalise to neatly embed our services into their own products. Our vision is to fund small businesses when, where and how they need it – this partnership will help us fulfil that."

Ollie Maitland, Co-founder and Chief Product Officer, Capitalise.com, says: “Consumer finance providers have long been able to offer products instantly to customers but the technology to do the same for businesses has lagged behind. Instant Offers is the first step towards creating a universal API that will enable lenders to do so and, launching today with iwoca and a high street bank, means that advisers can receive real-time quotes for clients, enabling great service.”

Because Capitalise.com works with advisers who help their clients determine the optimum time for and type of funding, Capitalise.com so far boasts a zero default rate when working with accountants.