iwoca hits £1bn milestone on funding SMEs

November 05, 2019 | Business Lending

Written by FinTech Alliance

iwoca hits £1bn milestone on funding SMEs

The UK-based small business lender has now funded over 30,000 businesses

In Brief

  • Since launching in 2012, the small business lender has raised £350 million in equity and debt finance.
  • In 2018, iwoca lent over £330 million – representing a 90 percent year-on-year increase.
  • That year the company doubled its revenues to £48 million and reached profitability for the first time.

What this means

Iwoca's growth figures are just another example of the sea change taking place in both business and consumer banking. Though just eight years old the company has doubled its headcount over the last 12 months and now claims to lend more to businesses than Santander and HSBC do in overdrafts.

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