Xero today announced a series of new integration agreements, that will improve small businesses’ access to capital and credit.
The carefully curated set of business finance providers will bridge a critical need for businesses to achieve their objectives. The announcement accelerates the progress of Xero’s financial web, giving small businesses and their advisors easier access to the services and funds they need to manage and grow their operations.
The integrations, built on top of Xero's industry leading open API, will help more small businesses make smarter decisions, improve cash flow, get paid faster and access capital quickly. Accountants and bookkeepers can also use the financial web to expose new services and insights for their clients, and ensure the integrity of the data they’re using.
Gary Turner, managing director UK of Xero said, “the philosophy is simple; better accounting data leads to better decisions and easier access to capital needed by so many small businesses.”
The latest business finance apps to integrate with Xero and help small businesses make smarter decisions, improve cash flow, get paid faster and access capital quickly, include:
DueCourse allows small businesses to get paid within hours after sending an invoice, rather than waiting 30, 60 or even 90 days. This means small business owners can focus on doing the things they love, rather than chasing invoices and worrying about when they will get paid.
iwoca offers small businesses a flexible, unsecured credit line of up to ￡100,000, which they can draw down within hours of applying. There are no upfront fees, and businesses can pay back over 12 months, top up or repay early with no penalties. Having served over 10,000 customers since its launch in 2012, iwoca is one of the UK’s leading providers of flexible working capital.
MarketInvoice is the world’s largest online invoice finance platform, having provided over ￡1.1bn in funding to UK businesses since 2011. This funding, which was secured against over 70,000 outstanding invoices, has helped 1000’s of businesses unlock cash-flow and achieve their ambitions. Backed by the British Business Bank, at MarketInvoice businesses can choose to fund one invoice at a time or secure funding against all their invoices.
Paul Haydock, CEO at DueCourse, says: “Partnering with Xero is the result of hard work by both companies to ensure that our customers receive the best possible experience when using DueCourse with Xero.”
“From the start of our working relationship we’ve developed our product with Xero’s users in mind and being included in the App Marketplace confirms that we are one of their trusted providers of finance to small businesses across the UK.”
Colin Goldstein, iwoca Head of Strategic Partnerships, says: “iwoca’s product integration with Xero enables small businesses to access finance through a simple link from their Xero account, making the process even simpler and faster. iwoca’s product is perfectly suited to Xero customers, and this new time-saving is hugely valuable to Xero customers and their accountants. We are delighted to have forged this partnership and look forward to funding many Xero customers.”
Anil Stocker, co-founder and CEO says: “It is our stated mission to support the funding needs for businesses of all shapes and sizes by challenging the status quo and finding innovative routes to market. Our service allows businesses to integrate directly with Xero ensuring a speedy set up and easy maintenance saving time and resource. This is yet another step in our journey in using technology to make funding easier for businesses.”