iwocaPay sees B2B buy now, pay later growth near 250% for 2022

5

min read

iwocaPay sees B2B buy now, pay later growth near 250% for 2022

red wedge
grey wedge
yellow dot
grey line with green square
blue square

__Taken from the original piece by Altfi.__

iwocaPay is seeing increasing usage, by increasing numbers of SMEs.

SME lender Iwoca has seen a huge uptick in usage of its iwocaPay buy now, pay later platform in 2022, with average MoM transaction growth of 15 per cent over the last year.

In total iwocaPay is up 246 per cent in terms of the number of transactions between November 2022 and the same period in 2021.

“What's been really interesting is the network adoption now happening among SMEs, so we are now growing pretty much consistently 15 to 20 per cent every month,” Iwoca’s head of new ventures Lara Gilman told AltFi. “We are seeing our sellers are staying with us for longer periods and the third thing is they're actually using (iwocaPay) more.”

“So in the last year, an average individual seller is using us about 75 to 100 per cent more, than they were a year ago.”

The launch of iwocaPay came after Iwoca noticed a substantial number of their Flexi-loan borrowers were SMEs looking to pay a supplier or cover an invoice.

“We just thought that was dumb,” said Gilman. “Why do you have to be in this payment journey, you realise you've got a cash flow problem, leave that journey, go to the market, figure out a loan to solve your cash flow problem, apply for that loan, get funded, come back and then pay. Why can't it be in the same place?”

iwocaPay was the result, an integrated checkout for businesses with a free pay-later option for their customers.

Since its launch in June 2020, Iwoca has expanded the product to include integrations with accounting packages like Xero, meaning SMEs that use Xero can easily include an iwocaPay option on their invoices.

iwocaPay is available to all limited companies and sole traders in the UK for invoices between £150 and £15,000.

{{iwoca-pay-cta="/components"}}

Words by
Altfi

AltFi if a market-leading fintech news outlet.

Article updated on:
November 17, 2022

Get started

  • Borrow up to £500,000
  • Repay early with no fees
  • From 1 day to 24 months
  • Applying won't affect your credit score
Apply now
red line and yellow circle

Other finance related topics

Lorem ipsum dolor sit amet, consectetur adipiscing elit.

View all
Alternative business funding

Supply chain finance

Supply chain finance plays a crucial role in the success of businesses in the UK. It involves various financial techniques and solutions that help optimise the movement of goods and funds along the supply chain. By understanding the basics of supply chain finance, businesses can unlock potential opportunities and drive growth in the competitive market.

Accountants

Management buyout

A management buyout (MBO) is a well-known strategy in the business world that allows the existing management team to take control of a company by purchasing either all or a majority of the company's shares from its current owners. In the UK, management buyouts have gained significant popularity as a means of acquiring and managing businesses.

Alternative business funding

Property refurbishment loans

In today’s competitive real estate market, property refurbishment has become an increasingly popular strategy for investors looking to maximise their returns. However, undertaking a renovation project can often require a significant amount of capital upfront. This is where property refurbishment loans come in to provide the necessary funding. In this article, we will explore everything you need to know about these loans and how they can help turn your property investment dreams into a reality.

light blue wedge

Let’s get started

Applying won’t affect your credit score

Need help? Call us:

Get approved in 24 hours

Applying won’t affect your credit score

What's next?

  • Apply in 5 minutes
  • Meet your account manager
  • Get money in the bank in hours

Need help? Call us:

close cross
No items found.