We started in 2012, when we noticed a problem: on average, it was taking eight weeks (and a lot of paperwork) for small businesses to apply for a loan. Worse still, more often than not, that process was ending in a ‘no’.
That small bakery around the corner, your hairdresser, your faithful delivery driver and trusted handyman have one thing in common: they all deserve better.
They deserve to be able to grow – hire more hands, invest in stock, market themselves – without all the hold music and absurdly rigid criteria.
We’ve now been around for a decade, and in that time, we’ve:
- grown to a team of 290 iwocans.
- worked with over 65,000 small businesses across the UK and Germany.
- redesigned the whole business loan process from start to finish – our record is two minutes, 57 seconds.
Our German business was launched in 2015 and we have provided thousands of SMEs with much needed capital. In fact, we have issued more loans than all other alternative lenders combined - and we’re just getting started!
Our mission has not changed: help one million businesses who need us.
Here’s what we’ve learned about lending along the way:
- Technology is the way to change this space
- Embedded finance is the future
- Payments and credit are converging
- New products are always possible
From automated decisions to API integrations, tech has the potential to create the changes small businesses have been waiting for. For example, we’re embedding our products within apps and systems our customers use everyday, making it ever more convenient to access capital - think neobanks, online marketplaces or accountancy software.
Most importantly however, we don’t stand still. We are constantly working to create new loans of all shapes and sizes to serve ever more business needs. For example, we recently launched iwocaPay, our very own invoice checkout solution for small businesses.
And there is plenty more in the making! That is we are looking for a Credit Analyst who can help us make better lending decisions, support our growth plans and help even more small businesses.
As mentioned above, our Credit Analysts are responsible for each lending decision made. Their main goals are throughput, processing all applications in a timely manner, and discrimination, accurately assessing the credit risk for each application.
A typical day for you will include:
- Analysing credit data, financial statements and other data sources to determine the level of risk involved in lending.
- Conducting thorough due diligence to ensure affordability of credit in line with internal policy.
- Understanding and accurately capturing the specific revenue and risk drivers for SMEs.
- Adapting your underwriting to match a variety of different businesses, from local bakeries to highly specialised manufacturers.
- Being responsible for making lending decisions independently.
- Being actively involved in improving the decision making framework, through developments to our systems and processes.
- Working closely with the Tech and Analytics team to improve systems and our scorecard to enable us to make better, faster and fairer decisions.
- Communicating effectively with our Account Management team to ensure customer needs are met at all times.