The amount of the deal was not disclosed.
The investement coincides with a strategic partnership between iwoca and Intesa San Paolo. Through this agremment, Intesa’s SME clients will receive innovative credit products leveraging iwoca’s SME lending platform and Intesa’s expertise in building banking operations across Italy, Central Europe, Eastern Europe, the Middle East and North Africa.
Led by Christoph Rieche, co-founder and CEO, iwoca offers flexible credit facilities to SMEs that are underserved by banks via a technology-driven risk platform that draws on thousands of data points to make faster and fairer credit decisions to lend up to £100k within hours.
The company has supported over 10,000 small businesses with operations across the UK and mainland across the UK, Poland, Spain and Germany to date.
*Neva Finventures SpA is the venture capital arm of Intesa Sanpaolo SpA dedicated to fintech investments in the United States, Europe and Israel.