Equals Group Plc’s (LON:EQLS) first small business loan product has gone live in a partnership with specialist SME lender Iwoca.
After getting regulatory permission to offer credit products via a broker relationship, Equals said it can now offer a range of credit and loan products whilst not taking credit risk or utilising the its balance sheet.
This line of products is expected to be a “significant revenue opportunity” for the group, said chief executive Ian Strafford-Taylor, with the Iwoca loan “the first of many credit-related products”.
“With all the various products and services we can offer to businesses, the ability to offer credit was the missing piece of the jigsaw,” he added.
Equals last month raised £14.3mln through a placing and an open offer to accelerate plans for corporate products, as well as possible bolt-on acquisitions.