Small business lender iwoca lands £46m in Series C equity and debt
Startups 100-listed lender plans to invest in its tech and data platform and bolster its UK and European operations
iwoca, the Startups 100-featured small business lending platform, has raised £21m in Series C equity led by Prime Ventures, alongside a £25m dent facility via a syndicate led by Shawbrook Bank.
Acton Capital Partners, CommerzVentures, Global Founders Capital and Redline Capital also participated in the Series C, which brings total equity funding in the company to £38m.
Founded in 2011, iwoca provides small business credit facilities of between £1,000 and £100,000 based on business performance. The start-up claims to have lent over £70m to 7,000 companies across the UK, Germany, Spain and Poland since launch.
The finance will enable iwoca to enhance its technology and data platform, expand its UK and European operations and launch new partnerships. The company’s £14m funding round was featured in our biggest investments of last year.
Christoph Rieche, co-founder and CEO of iwoca, commented: “It’s been an incredible journey over the last five years but we are still at the very beginning.
“We’ve already been able to support 7,000 small businesses but we aim to finance at least a million customers over the next decade. This investment gives us the firepower we need to achieve our mission.”
Sake Bosch, managing partner at Prime Ventures, who joins iwoca as non-executive director, said: “We invest in growing firms with the objective of making leaders out of them. iwoca has tremendous potential to overtake traditional banking models and scale-up to become the European market leader.”