iwoca secures £270M in debt funding from Citibank, Insight Investment, Barclays, and Värde to support SME lending in the UK and Germany.

May 07, 2024•over 1 year ago

Amount Raised

£270 Million

LondonFinancial Services

Investors

VärdeBarclaysInsight InvestmentCitibank

Description

iwoca has secured a total of £270 million in debt financing to support the company's growth in Germany and the UK in response to increased demand for finance from small businesses. The funding includes £150 million from Citibank and Insight Investment for growth in Germany, and a further £120 million from Barclays and Värde for the UK business.

Company Information

Company

iwoca

Location

London, England, United Kingdom

About

iwoca was founded to expand possibilities for small businesses. At iwoca, we believe finance should feel like a superpower, not a headache. That’s why our founders, Chris and James, decided to create a solution custom-built for small businesses. One that strips out the hassle, gets to know what each business needs, and looks for opportunities rather than problems. One that provides access to finance where and when your business needs it. Our partner integrations and our Lending API mean we can provide access to finance where and when small businesses need it. Our award winning credit risk engine help us make faster, more accurate credit decisions built around the performance of the business. We are proud to be NACFB Lender of the year, Xero Financial Services App of the year and, most recently, winner of the £10m Banking Competition Remedies grant. Since 2012, we’ve made funding available to over 50,000 businesses, from cafés to car dealers, salons to solicitors. But we’ve only just started. Our mission is to fund one million small businesses.

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