. OpenLending operates as a Lending-as-a-Service platform, allowing banks and fintechs to integrate iwoca's lending capabilities into their own offerings, customize their offering of iwoca loans, and tailor the user experience for their customers.The platform already boasts 14 partners, including Monese, Xero, Funding Options, and Funding Xchange. OpenLending was launched as part of a £10 million grant from RBS, which aims to boost financial services options for SMBs.
As of November 2019, iwoca has issued £1 billion in loans to SMBs, and it will likely further grow its loan portfolio via the new platform. By allowing other third parties to integrate its lending platform and offer iwoca loans to SMBs, the alt lender can reach more businesses with its services, which could significantly accelerate adoption without having to spend on individual acquisition costs for each new SMB. This could ultimately reduce costs for the alt lender.
And while there will likely be high demand for SMB loans provided via OpenPlatform during the coronavirus pandemic and aftermath, lenders may be more hesitant to extend loans in the uncertain economic environment.
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