Iwoca lands £200m debt facility from Barclays and Värde Partners
UK-based SME lender Iwoca has secured £200 million in a new debt facility provided by Barclays and Värde Partners.
Iwoca lands £200m debt facility
Founded in 2011 and launched the following year, Iwoca’s embedded lending solution allows small businesses to access loans through platforms including accountancy software apps and neobanks. It claims to have lent over £2.5 billion to more than 120,000 business loans since its launch.
The fresh facility follows an extension made to its funding line with Pollen Street Capital in January, when 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“.
Christoph Rieche, Iwoca’s CEO and co-founder, says that its latest round of funding places the business “in an even better position to help smaller businesses in the UK and Germany at a time of economic uncertainty”.
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.
