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SME lender iwoca raises new £200 million funding line after reaching £2.5bn in finance lent

iwoca, one in all Europe’s largest SME lenders, immediately broadcasts a brand new funding line with preliminary commitments of £200 million from Barclays and Värde Companions.

In January this yr, iwoca secured a rise and extension to its current funding line, with long-standing companion Pollen Avenue Capital – from £125 million to £170 million – as demand for SME finance soared. With the brand new £200 million funding line from Barclays and Värde, this now takes the full debt commitments to over £850 million.

Bridging the SME funding hole

As high-street banks scale back entry to capital for SMEs, this funding line equips iwoca to satisfy the rising SME demand for working capital. Based on iwoca’s Q2/23 SME Professional Index, greater than 4 in 5 brokers (84%) say excessive avenue banks are lowering their urge for food for funding SMEs. This elevated by 7 proportion factors since Q1 2023.

An identical proportion of SME finance consultants (81%) predict demand for finance for SMEs will enhance by the top of the yr, indicating that the funding hole for SMEs is about to widen with out help from various lenders.

Supporting the complete vary of SMEs

Throughout the UK and Germany, iwoca has lent over £2.5bn since its launch in 2012 throughout greater than 120,000 enterprise loans. As of Q3 2023, the lender is on monitor to finish the yr having doubled the variety of small enterprise loans it has funded when in comparison with 2021.

iwoca‘s top-funded sectors thus far are as various as development (15% of whole funding); retail (11%); and manufacturing & meals manufacturing (10%).

Christoph Rieche, iwoca CEO and co-founder, (pictured) mentioned: “We began iwoca after the monetary disaster to supply SMEs the help that was so badly wanted throughout unsure occasions. Now, over 10 years later, we’re absolutely examined and have confirmed that we could be there for SMEs after they want us essentially the most. With this new funding, we’re in a fair higher place to assist smaller companies within the UK and Germany at a time of financial uncertainty. These SME companies kind the premise of a powerful financial system, and iwoca will lead from the entrance to assist them thrive and obtain their objectives.”

“We’re happy to help the enlargement of economic financing alternatives within the UK by means of iwoca,” mentioned Aneek Mamik, World Head of Monetary Companies & Diversified Personal Credit score at Värde Companions. “iwoca’s differentiated sourcing and underwriting capabilities give us entry to a top quality portfolio of economic companies. This builds on our main place in offering business lending and leasing options to elements of the financial system more and more underserved as banks are much less in a position to meet the complete spectrum of the demand.”

iwoca is reaching practically 3 million companies throughout the UK and Germany by means of its embedded lending know-how, which permits companies to entry loans instantly by means of a spread of platforms resembling accountancy software program apps and digital neo-banks. Along with its Flexi-Mortgage, the lender provides an omni-channel B2B fee answer – iwocaPay, and a Income-Based mostly Mortgage, which it launched with eBay in 2022, the place repayments are a proportion of a enterprise’s month-to-month gross sales.