iwoca secures €60m deal to finance 3,000 UK businesses
Alternative lender will be able to provide loans of up to £100,000 to small firms following agreement with the European Investment Fund
UK alternative lender iwoca has signed a €60m deal with the European Investment Fund (EIF) which is expected to facilitate lending to more than 3,000 small businesses.
The scheme will allow iwoca to lend businesses up to £100,000 once approved by its risk platform.
The loans will be provided under the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME) with financial backing from the European Commission.
Launched in 2012 and founded by Young Guns Christoph Rieche and James Dear, iwoca offers flexible credit facilities to businesses across the UK, Germany, Spain and Poland, with 10,000 transactions approved to date.
Michael Elalouf, iwoca CFO, commented: “This agreement between iwoca and the EIF is good news for the millions of small businesses who critically need access to finance. […]We believe this partnership represents a genuine endorsement of iwoca’s strategy and innovative technology platform.
“We look forward to expanding our relationship in the future to further meet the needs of small businesses across Europe.”