Recently we had the opportunity to sit down with Pierce Glennie, head of marketing at iwoca to get the inside scoop on the alternative lending industry as well as some useful tips when it comes to obtaining funding. Pierce is responsible for spreading the word to new customers and ensuring that iwoca continues to offer the best possible experience to existing clients. Here is what Pierce had to say!
How was 2015 for iwoca?
We had an amazing year which reflected the global success of FinTech. iwoca raised $20 million in our equity funding round, we were named Alternative Lender of the Year for Commercial Credit and we were chosen as a Future Fifty company by government-backed Tech City UK.
What are some tips you can give to SMEs looking for funding?
Our main tip would be to research your options and make sure you use the right form of financing at the right time. Our flexible credit facilities are designed for taking advantage of short-term business opportunities and bridging cash flow gaps.
What is the biggest misconception small business owners have when it comes to alternative funding?
The biggest misconception is that most small businesses still think that they don’t have any options beyond a bank. This means businesses are not always getting the best deals of using the finance option that best fits their needs.
What makes iwoca stand out from other competitors in the market?
Our proprietary technology, risk and analytics platform really sets us apart from the market. It allows us to make faster, more accurate lending decisions which means businesses can borrow up to £100,000 within hours. It also means we can support businesses which are neglected by traditional providers.
What is your vision when it comes to alternative finance?
iwoca’s vision is for alternative finance to stop being alternative and become mainstream. We want to finance a million SMEs across Europe and drive sustainable economic growth and job creation.
What do you think 2016 holds for iwoca and the alternative lending space?
iwoca recently signed a £40 million guarantee scheme with the European Investment Fund (an EU agency) which will allow us to lend to more businesses at even more competitive rates in 2016.