Comparison · 2026 edition
iwoca vs Wayflyer: working capital finance compared 2026.
iwoca and Wayflyer side by side in the Revenue-Based and Working Capital Finance Index 2026: scores, evidence, published facts and awards.
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iwoca and Wayflyer side by side in the Revenue-Based and Working Capital Finance Index 2026: scores, evidence, published facts and awards.
In the Revenue-Based and Working Capital Finance Index, iwoca scores higher overall: 3.1 out of 5 (62 out of 100) against 2.6 (52), ranking 2 and 5 of 12. iwoca also scores higher in every segment.
Overall and segment scores out of 100, and the score out of 5.
| Score | iwoca | Wayflyer |
|---|---|---|
| Score out of 5 | 3.1 | 2.6 |
| Score out of 100 | 62 | 52 |
| Overall rank | 2 of 12 | 5 of 12 |
| For online and retail brands (out of 100) | 63, rank 2 | 50, rank 5 |
| For software and subscription firms (out of 100) | 62, rank 2 | 51, rank 5 |
| For small businesses and merchants (out of 100) | 62, rank 1 | 54, rank 5 |
| Type | Business lender | Revenue-based finance provider |
Each score with the evidence behind it.
| Criterion | iwoca | Wayflyer |
|---|---|---|
| Product range | 3/5 Two financing types published: business loans and business credit cards. | 3/5 Two financing types published: a cash advance and a fixed-term loan. |
| Published pricing | 4/5 Representative APR and typical longer-term fees published; headline rate is a "start at" figure. | 3/5 Typical fee range of 5% to 10% with a worked example; no exact fee published. |
| Published eligibility | 2/5 UK company types published; no minimum turnover or trading history published. | 5/5 Minimum revenue, minimum trading history and 11 eligible countries all published. |
| Limits and speed | 5/5 Minimum and maximum amounts and a same-day funding time published. | 2/5 Time to funds published; minimum and maximum amounts not published. |
| Borrower terms | 2/5 No early repayment charge stated; a director's personal guarantee is required. | 2/5 No early repayment charge stated; personal guarantee and warrants not addressed. |
| Regulatory standing | 2/5 FCA register number published for payment services, not lending; no security certification. | 0/5 Not published on the pages read. |
Each criterion is scored 0 to 5 against the best published offer in the Revenue-Based and Working Capital Finance Index. 0 means not offered or not published. How it is scored
What each provider publishes on its own pages, read on 26 October 2026.
| Fact | iwoca | Wayflyer |
|---|---|---|
| Products | Business loan (Flexi-Loan), business credit cards issued by Enfuce UK Limited, and iwocaPay for sellers. | "Merchant Cash Advance (MCA): Our core funding product provides working capital for inventory purchases" and "Fixed-term Loans: A structured commercial, fixed-term loan with a fixed repayment structure." |
| Pricing | "Our business loan interest rates start at 1.5% per 30 days"; example "3.33% interest per 30 days (49% APR representative)"; fee "typically it's 5% when borrowing for 13 to 24 months and 6% for longer". | "The fee is typically between 5% and 10% of the total advance amount." Example: "$100,000 advance with a 6% fee", total repayable "$106,000". "No application fees", "No origination fees", "No interest", "No prepayment penalties". |
| Limits and speed | "Borrow £1,000 - £1,000,000 for 1 day to 5 years"; "the funds will typically be in your account in hours." | Not listed in this index |
| Eligibility | "you must have a UK-based business and operate as a limited company or limited liability partnership"; "Startup businesses are limited to a maximum credit limit of £10,000." | Average monthly revenue over the preceding 6 months of at least $10,000, €10,000 or £10,000 (AUD and CAD $20,000); operating "at least 6 months" for physical goods or software, "at least 2 years" for retail and service businesses. |
| Borrower terms | "For limited companies we do ask for a personal guarantee, typically from a company director." "we'll never charge you for repaying early." | Not listed in this index |
| Regulatory standing | "iwoca Ltd is registered with the Financial Conduct Authority under the Payment Services Regulations 2017" (reference 791804); ICO registration Z3007540. No security certification stated. | No licence, regulator or security certification stated on the help centre pages read. |
| Countries | Not listed in this index | Incorporated in the United States, Canada, the UK, Australia, Ireland, Spain, the Netherlands, Belgium, Denmark, Germany or Sweden; "Not all funding offerings are available to all countries we support." |
| Speed and repayment | Not listed in this index | "Get approved in as little as 24 hours"; "receive funds in your account within 1-3 business days"; repaid through "an agreed percentage of your daily sales"; "You can pay back your advance early without any additional charges." |
| Date read | 26 October 2026 | 26 October 2026 |
Not published or not stated by iwoca: regulatory standing, published eligibility and borrower terms.
Not published or not stated by Wayflyer: regulatory standing, published pricing, limits and speed and borrower terms.
Facts read on 26 October 2026 from: iwoca.co.uk/flexiloan, iwoca.co.uk/faq, iwoca.co.uk; and help-center.wayflyer.com/en/articles/…, help-center.wayflyer.com/en/articles/…, help-center.wayflyer.com/en/articles/….
Awards follow from the published scores and cannot be bought.
From each provider's strongest criteria and published terms.
UK limited companies wanting a representative APR and money within hours.
Online and retail brands in 11 countries wanting a single fixed fee.
Tell us what you need and where you operate.