iwoca, a London, UK-based company which provides online retailers with instant loans for working capital, has raised £2m in funding.
The funding provider was Beyond Digital Limited, advised exclusively by Talis Capital Limited, a London-based multi-family office.
The company intends to use the funding to grow and increase adoption of their service.
Launched in March 2012 by Christoph Rieche, CEO, and James Dear, iwoca provides online sellers in the UK with financing solutions based on annual sales and customer feedback scores. The company has developed an integrated proprietary platform, which uses big data to provide credit scoring of ecommerce traders.
It has already lent out in excess of £1m to its customers since their launch.
iwoca is the 2012 The Smarta 100 winner (read here) and is in the 2012 Startups.co.uk Top 20 (read here).
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