← State of Embedded Finance 2026

Iwoca

“Can iwoca become the financial OS for UK SMEs by layering lending, B2B payments (BNPL), and card products on top of its established credit infrastructure and partner distribution network?”

Founded2012
HQLondon, England, United Kingdom
IndustryFintech / Lending
The story

Founded in 2012 as a direct online lender to UK SMEs, iwoca expanded its distribution model significantly by building an embedded finance partner network, routing nearly 30% of loan applications through accounting software and neobank partners by 2021. It then extended into B2B payments with iwocaPay, a buy-now-pay-later product for trade customers that integrates with e-commerce platforms (Shopify, Magento, WooCommerce) and accounting software (QuickBooks, Xero). Most recently, iwoca launched a branded business credit card issued via Enfuce, moving from pure lending into broader SME financial services.

Last 12 months
2025-01
2025-07
Product timeline
2012
Iwoca founded as an online credit financing company providing loans to UK SMEs.· lending
2021
Launched embedded finance partner programme; over 20 embedded finance partners including accounting software platforms and neobanks, with nearly 30% of loan applications coming via partners.· lending
2023
iwocaPay integrated with QuickBooks, becoming the first B2B BNPL invoice checkout solution for QuickBooks users in the UK, following an earlier Xero integration.· lending
2024
Launched the iwoca Credit Card, a business credit card for UK SMEs offering 1% cashback, up to £250,000 limit, issued via Enfuce UK Ltd.· card
2025
Published content on embedded payments for B2B, signalling expansion beyond lending into B2B payment infrastructure.· pivot
Regulated entities
FCA Authorised (Consumer Credit / Lending)
UK FCA
iwoca Ltd
The stack
Card issuing
Enfuce
Lending
Flexi-Loan (working capital loan up to £1,000,000)iwocaPay (B2B BNPL / trade credit)iwoca Credit Card (revolving credit)
Accounting
XeroQuickBooks
Accounting gap: minor