Equals Group PLC SME Loan product live with iwoca (4259O)
02 October 2019 - 4:00PM
UK Regulatory
TIDMEQLS
RNS Number : 4259O
Equals Group PLC
02 October 2019
2 October 2019
Equals Group plc
("Equals" or "the Group" or "the Company")
SME Loan product live with iwoca
Equals Group PLC, the fast-growing e-banking and international
payments group, is pleased to announce that its first loan product
for SMEs, in partnership with iwoca, is now live.
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. This
product offering is expected to be a material new revenue stream
for the business going forward.
Equals has partnered with iwoca, the the award-winning small
business lender, to create an innovative app-based flexible loan
product. This product, initially launched as the CardOneMoney
Platinum Business Loan, is now live.
Utilising this product, 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."
For more information, please contact:
Equals Group plc +44 (0) 20 7778
Ian Strafford-Taylor, CEO 9308
Cenkos Securities plc - Nominated Advisor
and Joint Broker
Max Hartley (Nomad)
Callum Davidson +44 (0) 20 7397
Nick Searle - Sales 8900
Canaccord Genuity Limited - Joint Broker
Bobbie Hilliam
David Tyrrell +44 (0) 20 7523
Alex Aylen - Sales 8150
+44 (0) 7747 788
Yellow Jersey 221
+44 (0) 7796 325
Charles Goodwin 254
Joe Burgess +44 (0) 7983 557
Annabel Atkins 851
About Equals
Equals is a leading challenger brand in banking and payments
that disintermediates the incumbent banks with a superior user
experience and low-cost operating model. Our business enables
personal and business customers to make easy, low-cost payments
both domestically and in a broad range of currencies and across a
range of products all via one integrated system. The Equals
platform facilitates payments either direct to Bank Accounts or at
35 million merchants and over 1 million ATM's in a broad range of
countries globally via Mobile apps, the Internet, SMS, wire
transfer and MasterCard/VISA debit cards.
Equals provides money movement services to both personal and
business customers through four channels: Currency Cards, Physical
Currency, International Payments and Bank Accounts. The Currency
Card and Physical Currency offerings facilitate multiple overseas
payments at points of sale and ATM's whereas the International
Payments channel supports wire transfer foreign exchange
transactions direct to Bank Accounts. For Corporates, Equals has a
market-leading business-expenses solution based around its
corporate platform and prepaid card. This service can yield
significant savings on a Corporate's expenses and procurement both
domestically and overseas, through better controls and improved
transparency. The platform also streamlines the downstream
administrative processes and integrates into accounting software,
thus saving costs. Equals offers retail and business bank accounts
with all the functionality you would expect from a bank, namely
faster payments, BACs, direct debits, international payments and a
debit card.
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END
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