Alternatives to iwoca
4 UK invoice finance alternatives to iwoca, compared on advance rate, setup speed, transparency, minimum turnover and best-fit.
The leading UK invoice finance alternatives to iwoca are Kriya (Allica Bank), Hydr, Sonovate and Ultimate Finance, compared here on advance rate, setup speed, minimum turnover and rating. More detail + scope
Summary
iwoca is benchmarked against 4 UK invoice finance alternatives: Kriya (Allica Bank), Hydr, Sonovate and Ultimate Finance. Each is compared on product type, minimum turnover, advance rate, typical rate, setup speed and overall rating, so you can see which fits your turnover and how fast you need funding. MarketInvoice then matches you to the best-fit provider.
This page covers
UK invoice finance alternatives to iwoca, compared on product type, minimum turnover, advance rate, typical rate, setup speed and rating
Not covered here
In-depth single-provider reviews (see /providers/), head-to-head comparisons (see /vs/), general invoice finance education (see /guides/)
iwoca vs the 4 alternatives
| iwoca | Kriya (Allica Bank) | Hydr | Sonovate | Ultimate Finance | |
|---|---|---|---|---|---|
| Product | Flexi-loan and revolving credit (not invoice finance) | Single-invoice finance, embedded finance | Single-invoice finance (digital, selective) | Recruitment-specialist invoice finance | Invoice finance (factoring, CID), bridging, asset finance |
| Cluster | fintech | fintech | fintech | recruitment-specialist | independent |
| Min turnover | No fixed minimum | No minimum | No minimum | No minimum | £100k |
| Advance rate | N/A (credit line, not advance against ledger) | Up to 100% per invoice | Up to 100% per invoice | Up to 100% | Up to 90% |
| Typical rate | From around 2% per month on drawn balance | 1% to 4% per invoice | Flat fee per invoice financed | 2% to 4% blended (funding + back-office) | 1.5% to 3.5% service charge |
| Setup speed | Same day to 1 working day | 1 working day | Same day to 1 working day | 2 working days | 3 working days |
| Rating | 4.3 | 4.5 | 4.2 | 4.6 | 4.3 |
Kriya (Allica Bank)
1 working day · Up to 100% per invoiceFintech invoice finance leader, £4bn+ processed, acquired by Allica Bank October 2025. Pure single-invoice (selective) model: pay per invoice financed, no whole-book commitment. Setup in 1 day. Embedded finance integrati
Hydr
Same day to 1 working day · Up to 100% per invoiceA Manchester-based fintech offering fully digital single-invoice finance with same-day onboarding and a flat transparent fee per invoice. Hydr integrates with accounting software and suits smaller businesses that want to
Sonovate
2 working days · Up to 100%The largest UK recruitment-specialist invoice finance platform, with £4.2bn funded across 3,300+ clients (company-reported). Combines funding with back-office services (invoicing, credit control, payroll). 100% advance a
Ultimate Finance
3 working days · Up to 90%One of the fastest mainstream UK invoice finance setups we track, 3 working days typical. Owned by Tavistock Group. Strong on SME accessibility, flexible underwriting, and broader product set (also asset finance + bridgi
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Founder & Managing Director, Muswell Rose, founder and PSC of Best Business Loans Ltd
Adam is the founder and managing director of Muswell Rose and a founder of Best Business Loans Ltd, the company behind Market Invoice. He spent over three years as managing director of Penny, a UK invoice finance business, and his career runs through insurance, mortgages, commercial finance and fintech lending. He writes the Market Invoice library.
Last reviewed: 27 May 2026