Side-by-side comparison
| Feature | multifi Flexi Credit | iwoca Flexi-Loan |
|---|---|---|
| Product type | Revolving credit facility | Revolving credit facility |
| Credit limits | £10,000 – £350,000 | £1,000 – £1,000,000 |
| Minimum interest rate | From 1.99% per month | From 1.50% per 30 days |
| Interest charged on | Drawn funds only | Drawn funds only |
| Setup fee | £0 | £0 |
| Platform fee | £0 | £0 |
| Draw fees | £0 | £0 |
| Early repayment fee | £0 | £0 |
| Non-utilisation fee | £0 | £0 |
| Repayment term | 6–9 months per draw | Up to 24 months |
| First repayment | Not due for 60 days | Monthly from draw |
| Decision speed | Typically within 24 hours | Typically within 24 hours |
| Documents required (<£100k) | None — Open Banking only | Open Banking (docs may be required) |
| Reload / revolving | Automatic at 66% repaid — no reapplication | Available — subject to review |
| Min. trading history | 12 months | 6 months |
| Min. annual turnover | £120,000 | £10,000 |
| Entity type | UK limited companies only | Limited companies and sole traders |
| Security required | Personal guarantee only | Personal guarantee (unsecured) |
| FCA regulated | Yes — via Modulr FS Ltd, FRN 900573 | Yes — FRN 723010 |
Key differences explained
Eligibility thresholds
The most significant practical difference between the two products is the eligibility threshold. iwoca accepts businesses from 6 months of trading with a minimum turnover of £10,000, making it accessible to early-stage companies. multifi requires 12 months of trading and £120,000 minimum annual turnover — the product is specifically designed for established businesses rather than startups.
If your business is less than 12 months old or has a turnover below £120,000, iwoca is likely the more appropriate option. If your business meets multifi's criteria, both products are worth comparing.
Credit limits
iwoca offers facilities up to £1,000,000, significantly higher than multifi's £350,000 ceiling. For larger businesses requiring substantial working capital, iwoca's higher limit may be the deciding factor. multifi's focus is on the £10,000–£350,000 segment, which covers the majority of established UK SMEs.
The 60-day grace period
multifi's first capital repayment is not due for 60 days from the opening of the funding period. This gives businesses time to deploy funds, generate revenue, and repay from trading income rather than reserves. This is a structural difference worth considering for businesses managing tight short-term cashflow.
Reload mechanism
Both products offer revolving access to funds. multifi's reload trigger is automatic at 66% repaid — when the outstanding balance falls to 66% of the credit limit or below, the facility becomes eligible to reload without a new application. iwoca's facility is also revolving, though the specific reload mechanics vary by account and should be confirmed directly with iwoca.
Representative example — multifi Flexi Credit
Which product is right for your business?
Choose multifi Flexi Credit if:
- Your business has been trading for at least 12 months with £120,000+ annual turnover
- You are a UK limited company
- You want a working capital tool that sits alongside existing asset finance or term loans
- Zero fees and a 60-day grace period before first repayment are important to you
- You want a facility that reloads automatically without reapplication
Consider iwoca Flexi-Loan if:
- Your business has been trading for fewer than 12 months
- Your turnover is below £120,000
- You need a facility above £350,000
- You are a sole trader rather than a limited company
- You need a longer repayment term beyond 9 months
The bottom line
Both multifi and iwoca are legitimate, FCA-regulated revolving credit products with zero fees and Open Banking-powered decisioning. The right choice depends primarily on your business profile. For established UK limited companies with £120,000+ turnover, multifi's zero-fee structure, 60-day grace period, and automatic reload make it a strong option. For earlier-stage businesses or those needing larger facilities, iwoca's wider eligibility range and higher limit ceiling are worth considering.
We recommend getting an indicative quote from both — neither check affects your credit score.
Frequently asked questions
What is the difference between multifi Flexi Credit and iwoca Flexi-Loan?
multifi Flexi Credit is a revolving credit facility from £10,000 to £350,000 designed for established UK limited companies with minimum 12 months trading and £120,000 turnover. Interest starts from 1.99% per month on drawn funds only with zero fees. iwoca Flexi-Loan covers £1,000 to £1,000,000 with interest from 1.50% per 30 days and accepts businesses from 6 months trading. Both offer 24-hour decisions and charge no early repayment fees.
Does multifi or iwoca charge setup fees?
Neither multifi nor iwoca charges setup fees on their revolving credit products. multifi additionally charges zero platform fees, zero draw fees, and zero early repayment fees. Interest is charged only on funds drawn — not on the full facility limit for either product.
Which is better for an established UK business — multifi or iwoca?
For established UK limited companies with £120,000+ turnover, both products are worth comparing directly. multifi's 60-day grace period, automatic reload, and zero-fee structure differentiate it from iwoca. The best way to compare is to get an indicative quote from both — neither affects your credit score.