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 compared with 4 alternatives, last reviewed 2026-05-27
	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 invoice

Fintech 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

Best for: Single-invoice selective need, Startup and micro-business.

Hydr

Same day to 1 working day · Up to 100% per invoice

A 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

Best for: Selective single-invoice finance, Smaller and early-stage businesses.

Sonovate

2 working days · Up to 100%

UK market leader in recruitment-specialist invoice finance, £4.2bn funded across 3,300+ clients. Combines funding with back-office services (invoicing, credit control, payroll). 100% advance available with no PG common.

Best for: UK recruitment agencies, Startup recruiters.

Ultimate Finance

3 working days · Up to 90%

The fastest-setup mainstream UK invoice finance lender, 3 working days typical. Owned by Tavistock Group. Strong on SME accessibility, flexible underwriting, and broader product set (also asset finance + bridging). Servi

Best for: SME urgent setup, Multi-product facility seekers.

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Oliver Mackman

Director, Market Invoice

Oliver leads Market Invoice's editorial and comparison research. With a background in UK commercial finance, he oversees provider analysis, rate verification, and industry reporting across all verticals.

Last reviewed: 27 May 2026