iwoca has secured a new funding line of 拢200 million from Citi and Waterfall Asset Management to support record demand for SME finance.
The London firm, one of Europe鈥檚 largest SME lenders, is expanding further into medium-sized businesses by doubling the size of its core product 鈥� the Flexi-Loan 鈥� to 拢1 million.
iwoca has seen record commercial growth, placing it among the top 10 UK FinTechs by both revenue and profit alongside the likes of Monzo, Starling and Revolut, according to the latest available figures.聽
iwoca first hit net profitability in Q4 2022 and has remained in the black since. It brought in 拢143m in revenue in 2023.
The funding follows a series of investment rounds in the past two years, attracting 拢740m debt funding from partners including Citi, Barclays, V盲rde Partners, Pollen Street Capital, and Insight Investment.聽
It takes investment in the business to almost 拢1.5 billion since launching in 2012.聽
鈥淥ur vision is to become ever more relevant to more businesses. Medium-sized businesses tell us that – just like smaller businesses – they are finding it difficult to access working capital finance,鈥� said Christoph Rieche, CEO and co-founder.
鈥淭herefore we have stepped up our offering to also meet their needs with 拢1 million loans.
鈥淲e鈥檙e very happy to expand our cooperation with Citi and look forward to being able to finance many more SMEs in the UK with their support. Like so many SMEs, it鈥檚 been a rollercoaster over the last decade.聽
鈥淭he iwoca team has stuck together to ride through the ups and downs and we鈥檙e humbled to have now grown to a size where we make a material impact on thousands of SMEs and their communities every month.鈥�