06 February 2023

iwoca hits net profitability and increases funding line

Written By FinTech Alliance

iwoca hits net profitability and increases funding line

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.”

Read more here

Up Next ...
19 April 2024

Leeds Building Society partners with Mambu

Mambu to provide core banking system in tech overhaul for Leeds ...

19 April 2024

Mastercard launches virtual card app

Aiming to simplify travel and business expenses.In brief:- HSBC Australia ...

19 April 2024

Wagestream raises £17.5mn

Financial wellbeing app Wagestream has raised £17.5mn in a funding ...

18 April 2024

Checkout.com plans China growth push

Checkout.com is in talks with over 100 merchants in China ...

More in FinTech

Leeds Building Society partners with Mambu

19 April 2024

Mambu to provide core banking system in tech overhaul for Leeds ...

Mastercard launches virtual card app

19 April 2024

Aiming to simplify travel and business expenses.In brief:- HSBC Australia ...

Wagestream raises £17.5mn

19 April 2024

Financial wellbeing app Wagestream has raised £17.5mn in a funding ...

Checkout.com plans China growth push

18 April 2024

Checkout.com is in talks with over 100 merchants in China ...

White Papers FinTech

Open Finance in Review: Looking back at 2023

28 November 2023

In this insightful report, OzoneAPI delve into the pivotal developments that have shaped the landsca...

White Papers FinTech

Fintech 2030: The Industry View

02 October 2023

Key findings from the report:Embedded finance is expected to dominate the industry in 10 yearsThere...

White Papers FinTech

Pulse of Fintech H2 2022 report

27 July 2023

UK FinTech investment falls 56% to £14.42bn in 2022After an incredibly strong 2021, with total FinTe...

White Papers FinTech

The Rise and Impact of Fintech in Latin America

29 June 2023

Fintech also provides tools to help manage these risks. Financial authorities and their supervisees...

Payments leaders' summit

Payments leaders' summit

22 April 2024 - 23 April 2024

12:00 AM - 12:00 AM

The Marylebone Landmark Hotel, Marylebone, London, City of London, NW1 6JQ

Free
FinTech Fringe

FinTech Fringe

10 June 2024 - 13 June 2024

12:00 AM - 12:00 AM

Multiple Venues across London

Free
ESG FinTech Summit

ESG FinTech Summit

12 June 2024

12:00 AM - 12:00 AM

etc.venues St Paul's, 200 Aldersgate, London, City of London, EC1A 4HD

Free
Financial Innovation Forum - Payments & Regtech

Financial Innovation Forum - Payments & Regtech

19 September 2024

12:00 AM - 12:00 AM

Renaissance Hotel St Pancras, Euston Road, London, London, NW12AR

£595.00