DNA Payments partners with iwoca to expand SME funding options

DNA Payments has partnered with iwoca to expand the funding options available to its UK SME customers.

Under the partnership, businesses using DNA Payments will be able to apply for an iwoca Flexi Loan of between £1,000 and £1m directly through the DNA Payments Merchant Portal and App.

The digital application process can typically provide an approval decision within minutes, giving SMEs access to additional working capital through the same platform they use to manage their payments.

The agreement expands DNA Payments’ existing merchant funding proposition by adding term lending and comes as SMEs continue to face pressure from rising operating costs and wider economic uncertainty.

According to iwoca’s latest SME Expert Index, 78% of finance brokers expect supply chain disruption to have a negative impact on small business performance, while 70% said SME clients were concerned about higher energy prices.

Running costs were identified as the leading concern for SMEs, cited by 54% of brokers surveyed.

Colin Neil, CEO of DNA Payments, said: “The opportunity for UK businesses has never been greater, and we’re working hard to provide the financial services they need to realise that opportunity.

“By adding term loans to our funding options, we can better support our clients when they need it most.”

Harry Cranfield, Head of Partnerships at iwoca, said the integration was designed to make accessing finance more straightforward for businesses by embedding funding within tools they already use.

“This partnership means more businesses can access funding exactly where they already are – inside the tools they use every day,” he said.

“Funding should meet the needs of actually running a business. That’s what every business owner goes through and accessing finance should fit around that.”