According to TechCrunch (read here), iwoca, a London, UK-based provider of short-term loans to online retailers, raised £5m (approximately $8.2m) in funding.
Backers included Global Founders Capital and Redline Capital Management, with participation from existing investors (which include Beyond Digital Limited, advised by Talis Capital Limited).
TechCrunch, citing a statement, said that the company will use the funds to expand in the UK (providing short-term financing to 5,000 small businesses in 2014) and European operations.
Led by Christoph Rieche, CEO, iwoca provides funding to eBay, Amazon and other online sellers, which can borrow £500 to £50,000 for up to 6 months. The interest rate ranges from 2%/7% per month.
Last year, we interviewed Rieche (read here).
FinSMEs
11/01/2014
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03/01/2013: iwoca Raises £2M in Funding