iwoca and online payment provider PayU on May 2017 announced a collaboration to make financing for SME companies easier in Poland.
The partnership is targeted for e-commerce and e-service businesses. Lending process is taking place purely online. Loans of up to 20, 000 zloty (4900 EUR) can be approved within minutes while loans over 4900 EUR will be approved within a few hours. The maximum amount of the loan is 150,000 zloty (37000 EUR).
Only self-employed entrepreneurs can apply for such a loan.
iwoca will provide the loan and PayU will assess the creditworthiness of applications.
The partnership is currently in a pilot phase.
Payments provider PayU operates in 16 high-growth markets around the world, supporting over 300,000 merchants.
iwoca has been collaborating with banks and other online marketplaces. For example, from 2015 iwoca partners Chinese giant Alibaba and offers a particular loan called Alibaba e-Credit Line which is targeted for the companies importing from China and buying goods on Alibaba.com. The Minimal amount of such a loan is £1000.