iwoca, an online lender serving SMEs, has received significant backing from BNY Mellon Insight Investment. According to multiple reports, iwoca has received €100 million to provide funding for small businesses in Germany. Last year, iwoca expressed its intent to boost its presence in Germany, a country where over 90% of all businesses are considered SMEs.
iwoca is one of Europe’s fastest-growing small business lenders.
Shaheer Guirguis, Head of Secured Finance at Insight Investment, said they are always looking for ways to expand the range of their investments with strong partners.
“With iwoca’s fintech loans, we can now reach a new segment in Germany. iwoca is a pioneer here and we are happy to be able to support small businesses together. ”
Christoph Rieche, CEO and Co-Founder of iwoca, said they want to make it easier for SMEs to gain access to capital:
“With Insight Investment, we have found a strong partner to further accelerate our growth on this mission. ”
Earlier this month, iwoca raised an additional £150 million in equity and debt capital. The investment brings iwoca’s total funding to £350 million.
The Series D funding round was led by Augmentum Fintech with participation from NIBC Bank and other existing investors, including Prime Ventures.
The capital raised was said to help enable iwoca to support more small business owners across the UK, Germany, and Poland.
Of note is the fact that iwoca reached profitability in 2018 while doubling its revenue in each of the last three years.
