(Alliance News) - Equals Group PLC on Wednesday said it has launched its first loan product for small to mid-size enterprises in partnership with iwoca, an online fintech company.
Equals said it was granted permission by the Financial Conduct Authority to offer credit products to its customers via a broker relationship. Under this permission, Equals can now offer a wide range of credit and loan products to its business and retail customers whilst not taking credit risk or utilising its balance sheet.
The payment services provider said this product offering - called CardOneMoney Platinum business loan - is expected to bring a material new revenue stream for the business going forward.
Equals said its clients can now apply for a loan via the mobile application and receive a decision together with available funds within minutes.
"Having our first credit-based product live is a key step in the Equals journey," said Chief Executive Ian Strafford-Taylor.
He added: "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."
Equals shares were trading marginally lower on Wednesday in London at 86.46 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Equals Gp (EQLS)