UK FinTech iwoca announces UK-first integration with Xero

By Megha Bhattacharya

European small business lender iwoca announced a UK-first integration with small business platform Xero. iwoca’s invoice checkout – iwocaPay will be integrated into Xero’s platform for enabling small businesses to provide a Pay Later option to their business customers. The collaboration will allow iwocaPay to be directly accessible in Xero.

Lara Gilman, Co-lead of iwocaPay said, “We’re proud to be Xero’s first UK invoice checkout solution that offers a Pay Later option. Having the flexibility to pay a supplier later is critical in helping small businesses manage cash flow and iwocaPay provides a better way to offer that flexibility. We’re delighted that Xero customers now have the option to include iwocaPay on any invoice. Suppliers can more easily offer business customers the extended payment terms they need, without carrying the credit or late payment risk.”

“We welcome more partners to integrate with iwocaPay so that we can get invoices paid. The vision is for our invoice checkout solution to be available to the entire ecosystem of fintechs, brokers, accountants and bookkeeping platforms.”

According to the FinTech, iwocaPay is a new invoice payments product that aims to help SMEs and their customers manage cash flow. The tool allows SMBs to get paid immediately while providing the customers with an option to pay upfront or spread the cost over the next 3 months. The company launched its invoicing product in June 2020 in a bid to reduce the risk in payment terms and encourage SMBs to offer trade credit.

Michael Green, Director of Partnerships, Xero UK & EMEA said, “Cash flow is the number-one reason small businesses fail. Interruptions in payments can have a devastating impact on the survival of a business. So it’s great to see tools like iwocaPay easing this burden, especially at this difficult time.”

Recently, iwoca announced that they will be making their ‘buy now, pay later’ product iwocaPay free throughout the UK’s second national lockdown to support SMBs impacted by the COVID-19 pandemic.