iwoca, a London, UK-based SME lending platform, raised $20m in Series B equity financing.
The round was led by Acton Capital Partners and CommerzVentures, with participation from Redline Capital and other existing investors. As part of the investment round Frank Seehaus, Managing Partner at Acton, will be joining the board as a non-executive director.
The company will use the funds to expand UK operations, further enlarge its presence across Europe and accelerate the ongoing development of its tech-driven business lending platform.
Led by Christoph Rieche, co-founder and CEO, iwoca operates a small business lending platform offering flexible credit facilities to SMEs underserved by banks. Its technology-driven risk platform collects data obtained from integrations with high-street banks, online business platforms such as Amazon, eBay, PayPal, and Sage Pay and other sources including company financials and personal and business credit reports, to make fairer credit decisions, allowing the company to lend small businesses up to $150k within hours.
iwoca, a founding member of Innovate Finance, the world’s first industry body for FinTech, operates across the UK, Germany, Spain and Poland.