Iwoca Criticizes Bank Referral Scheme

Christoph Rieche, CEO and Co-Founder of Iwoca sent an open lender to Chancellor Philip Hammond stating that the government’s bank referral scheme is failing to deliver any meaningful impact; the referral scheme was originally introduced to expand access to capital for small and medium size businesses in the UK; it launched in 2016, but according to Rieche only 902 loans have been completed; Iwoca accounted for about half of those loans and Iwoca estimates that there is a £10bn funding gap serving small businesses; they are calling for the government to take five steps to improve the program. Source

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!

[class^="wpforms-"]
[class^="wpforms-"]