The total number of customers funded across the UK and Germany grew by over 50% in 2022 vs 2021, whilst iwoca funded 15,429 businesses in 2022, an increase of 54% from 2021
In Brief:
- iwoca is reaching nearly 3 million businesses across the UK and Germany through its embedded lending technology, which allows businesses to access loans directly through a range of platforms such as accountancy software apps and digital neo-banks
- To meet this surging demand, iwoca has increased its funding line to £170 million with long-standing partner Pollen Street Capital. Other funding lines are also being increased with existing lenders
- Last year, iwoca also more than doubled the maximum size of its Flexi-Loan, one of its core lending products, from £200,000 to £500,000 to meet the growing demand from medium sized businesses
What does this mean?
Christoph Rieche, iwoca’s CEO and co-founder said: “Businesses up and down the country are in need of instant working capital to manage the increased pressure on their cash-flow. My co-founder and I started iwoca to fill this exact gap and we’re proud that we can step up and support thousands of small businesses every month. Our biggest constraint now is raising the finance fast enough to meet the huge levels of demand we are seeing.”
