Alternatives to iwoca
The 3 UK alternatives to iwoca on this page are Hydr, Sonovate and Ultimate Finance. The table shows what each one publishes about minimum turnover, advance and fees, next to iwoca, with a link to each provider's own website.
What this page covers
This page covers:
UK invoice finance alternatives to iwoca, compared on product type, minimum turnover, advance, fees, setup time and our rating.
Not covered here:
In-depth single-provider reviews (see /providers/), head-to-head comparisons (see /vs/), general invoice finance education (see /guides/)
iwoca and the 3 alternatives side by side
| Compared on | iwoca | Hydr | Sonovate | Ultimate Finance |
|---|---|---|---|---|
| Product | Flexi-loan and revolving credit (not invoice finance) | Single-invoice finance (digital, selective) | Recruitment-specialist invoice finance | Invoice finance (factoring, CID), bridging, asset finance |
| Min turnover | Not published | Not published | No minimum | £600k |
| Advance | N/A (credit line, not advance against ledger) | Up to 100% per invoice | Up to 100% | Up to 95% |
| Fees | Rates starting at 1.5% per 30 days on drawn balance | Flat fee per invoice financed | Not published | Not published |
| Setup time (our guide) | 24 hours (approval) | Not published | Not published | Within one week |
| Our rating (out of 5) | 4.3 | 4.2 | 4.6 | 4.3 |
| Source | iwoca.co.uk | hydr.co.uk | sonovate.com | ultimatefinance.co.uk |
Minimum turnover, advance and fees are as published on each provider's own website, checked between 1 October 2026 and 11 November 2026. "Not published" means we read the provider's own pages and it gives no figure. Setup times are a guide from our records, not a promise from the provider. Ratings are our own view, not a figure from the provider (how we rate providers).
More on each alternative
- Hydr: Our Hydr profile · iwoca vs Hydr · hydr.co.uk
- Sonovate: Our Sonovate profile · sonovate.com
- Ultimate Finance: Our Ultimate Finance profile · ultimatefinance.co.uk
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Founder & Managing Director, Muswell Rose, founder and PSC of Best Business Loans Ltd
Adam was managing director of Penny, a UK invoice finance business, from July 2020 to November 2023. His career runs through insurance, mortgages, commercial finance and fintech lending. He writes the Market Invoice library. Career record.
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