Alibaba is teaming up with two alternative lenders in the UK to help small and medium-sized British companies do business in China.
The Chinese ecommerce company is partnering Iwoca, set up in 2012 by two former investment bankers and backed by venture capital, and Ezbob, which is owned by Orange Money and bought Wonga’s small business lending division last month. The intention is to help small British businesses that struggle to meet the heavy upfront payments demanded by Asian suppliers.
The initiative comes shortly after the Chinese group teamed up with Lending Club, the US peer-to-peer lender, to provide loans to small business customers.
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