European SME lender iwoca has reportedly secured £200 million in debt funding.
Fintech iwoca, which claims to be one of Europe’s biggest SME lenders, announces a new £200m package of debt funding from Citi and Waterfall Asset Management and reportedly doubles its SME loan offer limit to £1 million.
The funding has been announced after a series of funding rounds in the past two years, securing as much as £740 million debt funding from partners such as Citi, Barclays, Värde Partners, Pollen Street Capital, as well as Insight Investment.
This now reportedly takes investment in the firm to nearly £1.5 billion since initially launching operations back in 2012.
As mentioned in the announcement, iwoca has reportedly doubled Flexi-Loan limit to £1m to serve more medium-sized businesses
The fintech lender has doubled the size of its maximum loan as it looks to meet as yet untapped demand for larger loans from medium-sized businesses.
This follows data from iwoca’s SME Expert Index, which indicates that nearly 1 in 3 brokers think that loans of more than £100,000 will see the most new applications in the coming months.
The Fintech lender has notably been placed as one of the top 10 performing fintechs in the UK along with the likes of other major UK Fintechs such as Monzo, Starling, and Revolut, drawing in £143 million in revenue during the last financial year.
One of just two sharply B2B -focused fintechs in the United Kingdom’s top 10 best performing fintechs by EBITDA and revenue (compiled by investment firm Graffiti1), iwoca reportedly reached profitability back in Q4 2022,
Revenues for iwoca notably reached record highs this year with an annualized revenue rate of £251 million in Q3 2024, up a considerable 62% YoY.
Christoph Rieche, iwoca CEO and co-founder said: that their vision is to become ever more relevant to more businesses.
Rieche added that medium-sized businesses tell them that – just like smaller businesses – they are finding it difficult to “access working capital finance.”
Therefore they have stepped up their offering to also “meet their needs with £1 million loans.”
