"This represents a new and significant revenue opportunity for the Group and will be the first of many credit-related products we will launch"
E-banking and international payments group, Equals Group, has launched its first loan product for SMEs.
Equals Group was granted permission by the FCA to offer credit products to its customers via a broker relationship. Under this permission, the Group can now offer a wide range of credit and loan products to its business and retail customers whilst not taking credit risk or utilising the Equals Group balance sheet.
Equals has partnered with small business lender iwoca to create an app-based flexible loan product. This product, initially launched as the CardOneMoney Platinum Business Loan, is now live.
The Group’s customers can now apply for a loan via the app and receive a decision together with available funds within minutes. Funds are available immediately on a virtual Mastercard and usable online, can be transferred to the customer business account or used directly via Equals direct connectivity to Faster Payments and other payment methods.
Ian Strafford-Taylor, Equals Group CEO, commented: “Having our first credit-based product live is a key step in the Equals journey. With all the various products and services we can offer to businesses, the ability to offer credit was the missing piece of the jigsaw. With this rapid and easy-to-use product our business customers literally have funds available at their fingertips. The speed at which we have rolled this out is testament not only to the quality of our internal engineering teams but also to the quality of our partner, iwoca.
“This represents a new and significant revenue opportunity for the Group and will be the first of many credit-related products we will launch and enables us to drive forwards in offering a full-service platform for our business customers.”