CRIF’s Credit Passport service, which gives SMEs access to an open banking-powered credit profile, will be integrated into iwoca’s own services and lending platform.

Following the integration, companies could instantly access business loans of up to £25,000 ($30,391,5) and loans of up to £500,000 ($607830) within 24 hours.

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This measure would ease pressure caused by the cost-of-living crisis and boost economic recovery.

Sara Costantini, Regional Director for UK & Ireland at CRIF, said: “At CRIF, we understand the challenges facing businesses. With economic uncertainty exacerbating the already significant challenges with securing finance, small business owners deserve a better service when they apply for funding

“At CRIF, we understand the challenges facing businesses. With economic uncertainty exacerbating the already significant challenges with securing finance, small business owners deserve a better service when they apply for funding”, Costantini added.

Harry Cranfield, partner channel manager at iwoca, welcomed the decision.

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“Our partnership with CRIF will help us make instant finance a reality for thousands of SMEs, offering them a quicker, more transparent and reliable way to apply for and secure lending. Only by supporting SME growth can we truly hope to see economic recovery in the UK”, Cranfield commented.

Iwoca Ltd is a fintech services company offering financial and credit services to small businesses. In 2017, Italian banking group Intesa Sanpaolo bought a minority stake in iwoca, enabling quick approval of then-loans of up to 100,000 euros.

CRIF is a company offering business support to over 10,000 financial institutions and 600 insurance companies.