UK fintech startup Binq has partnered with SME lender iwoca to deliver open banking-powered business funding directly through its AI-driven platform, expanding access to finance for the country's 5.5 million small and medium-sized enterprises.
The partnership integrates iwoca's flexible business loans into Binq's app, enabling SME owners to access funding seamlessly alongside the platform's existing suite of financial management tools. Through iwoca's industry-leading API integration, Binq users can now apply for business loans and receive decisions within minutes, with funds available the same day.
Binq, which launched in August 2025 under the Manchester-based Intelligent Lending group, was created specifically to address the challenging economic conditions facing UK small businesses. The platform combines AI technology with open banking data to connect SMEs with tailored financial solutions including loans, credit cards, insurance, banking services, and utilities options.
The app features an AI assistant called Ali that analyzes performance metrics, delivers real-time business recommendations, and generates alerts about cash flow issues, new legislation, and funding opportunities. By integrating iwoca's lending capabilities, Binq strengthens its position as a comprehensive financial hub for entrepreneurs.
Jamie Stewart, founder and CEO of Binq, emphasized the partnership's importance: "We're building Binq to be the single destination for all small business financial needs. Partnering with iwoca allows us to offer fast, flexible funding options that help SMEs navigate today's economic challenges and seize growth opportunities."
Harry Cranfield, partner channel manager at iwoca, highlighted the strategic value: "Through our industry-leading API integrations for business lending, we've enabled over 30 partners to provide finance within their platforms. Our collaboration with Binq brings us another step closer to making finance available to small businesses when and where they need it."
The partnership comes at a critical time for UK SMEs, which face rising operating costs, reduced government support, and increased employment taxes. According to iwoca's SME Expert Index data, more than 82% of SME finance brokers agree that major banks have reduced their appetite to fund small businesses.
iwoca has established itself as one of the UK's leading fintech lenders, having provided over £4 billion in financing to more than 100,000 businesses since its founding in 2012. The company achieved profitability in Q4 2022 and has secured over £850 million in debt commitments from partners including Barclays, Värde Partners, and Pollen Street Capital.
For Binq, the partnership represents a significant milestone in its mission to support UK entrepreneurs with accessible, AI-powered financial tools. The platform plans to continue expanding its offerings, including additional start-up tools and a digital community for business owners.