UK-based SME lender Iwoca has secured £200 million in a new debt facility provided by Barclays and Värde Partners.
In brief:
-The fresh facility follows an extension made to its funding line with Pollen Street Capital in January
-It increased the funding to £170 million from a previous £125 million. Its total debt funding now tops more than £850 million.
-With the new facility, Iwoca plans to meet the “growing demand” among SMEs for working capital “as high street banks reduce access to capital for SMEs“.
What does this mean?
Aneek Mamik, global head of financial services and diversified private credit at Värde Partners, adds that the company’s “differentiated sourcing and underwriting capabilities” give it access to a “high quality” portfolio of commercial businesses, allowing it to cater to an underserved segment.
