We started in 2012, when we noticed a problem: on average, it was taking eight weeks (and a lot of paperwork) for small businesses to apply for a loan. Worse still, more often than not, that process was ending in a ‘no’. That small bakery around the corner, your hairdresser, your faithful delivery driver and trusted handyman have one thing in common: they all deserve better. They deserve to be able to grow – hire more hands, invest in stock, market themselves – without all the hold music and absurdly rigid criteria.
We’ve now been around for a decade, and in that time, we’ve:
- grown to a team of 290 iwocans.
- worked with over 65,000 small businesses across the UK and Germany.
- redesigned the whole business loan process from start to finish – our record is two minutes, 57 seconds.
Our German business was launched in 2015 and we have provided thousands of SMEs with much needed capital. In fact, we have issued more loans than all other alternative lenders combined - and we’re just getting started!
Our mission has not changed: help one million businesses who need us.
Here’s what we’ve learned about lending along the way:
- Technology is the way to change this space
- Embedded finance is the future
- Payments and credit are converging
- New products are always possible
From automated decisions to API integrations, tech has the potential to create the changes small businesses have been waiting for. For example, we’re embedding our products within apps and systems our customers use everyday, making it ever more convenient to access capital - think neobanks, online marketplaces or accountancy software.
Most importantly however, we don’t stand still. We are constantly working to create new loans of all shapes and sizes to serve ever more business needs. For example, we recently launched iwocaPay, our very own invoice checkout solution for small businesses. And there is plenty more in the making! That is we are looking for a Credit Analyst who can help us make better lending decisions, support our growth plans and help even more small businesses.
Our Credit Analysts are responsible for each lending decision made. Their main goals are throughput, processing all applications in a timely manner, and discrimination, accurately assessing the credit risk for each application.
A typical day for you will include:
- Analysing credit data, financial statements and other data sources to determine the level of risk involved in lending.
- Conducting thorough due diligence to ensure affordability of credit in line with internal policy.
- Understanding and accurately capturing the specific revenue and risk drivers for SMEs.
- Adapting your underwriting to match a variety of different businesses, from local bakeries to highly specialised manufacturers.
- Being responsible for making lending decisions independently.
- Being actively involved in improving the decision making framework, through developments to our systems and processes.
- Working closely with the Tech and Analytics team to improve systems and our scorecard to enable us to make better, faster and fairer decisions.
- Communicating effectively with our Account Management team to ensure customer needs are met at all times.
- We look for people that are smart, humble, motivated and who are always looking
- to improve. Ideally, you’ll have:
- A good understanding of how businesses operate, including their main risk and revenue drivers.
- The ability to interpret financial statements to evaluate business performance.
- An analytical mindset with a practical approach to problem solving.
- Excellent communication skills. You will be in direct contact with applicants via phone and email to better understand their business.
- A confident and enthusiastic attitude that works well in a regularly changing and fast paced environment.
- Fluent German speaker with a high level of written and spoken English - note that we require fully fluent German level (i.e. you’ve grown up speaking German or have learnt it to CEFR C2 level or similar).
- A bucket-load of common sense.
What’s life like as an iwocan? We all enjoy:
- Bright, modern office spaces in Fitzrovia & Leeds. We have always supported flexible working however during the current pandemic the majority of iwocans are working from home. We have taken every precaution to keep our offices COVID-19 secure for those that need to use them.
- A calendar of ‘remote friendly’ events each week including Bingo, Comedy Nights, Escape Room challenges….
- Two company retreats a year (in places like the French Alps or Spanish seaside)
- Pool, ping pong, foosball tables and tournaments
- Virtual Yoga classes every Tuesday and Thursday morning
- An ever-growing number of clubs including climbing, chess, football and boxing
- Plenty of drinks and snacks in our office kitchen
Just for you:
- Medical insurance from Vitality, including discounted gym membership
- We take your well being incredibly seriously, so you’ll have instant access to emotional and mental health support services via our partner Spill
- Share options
- Enhanced maternity and shared parental leave
- A workplace nursery tax benefit scheme. Save £££ on your nursery costs
- 25 days holiday per year and an extra day off on your birthday
- All the equipment you need to set up your home working space up
- Paid volunteering time for you to support your chosen charity
- Extra leave if you want to travel or study
- Special celebrations for anniversaries and long service including sabbatical
- Flexible working arrangements
- Cycle-to-work scheme
And to make sure we all keep learning, we offer:
- L&D budget including a book budget to encourage you to keep learning
- Company-wide talks with internal and external speakers
- A calendar of meetups we host at our office
- Access to learning platforms like Treehouse if you want to learn to code.