Iwoca increases opportunities for small businesses
London-based iwoca is one of Europe’s fastest-growing fintech companies. The highly innovative company supports small businesses by offering working capital and business loans through its proprietary technology and data platform.
The technology platform draws on thousands of data points to make faster, more accurate credit decisions, allowing iwoca to lend to small businesses within hours of applying – a far simpler process than banks can manage.
Through its innovative human-led, machine-powered, approach to lending, iwoca has funded over 21,500 businesses in Europe through 60,000 transactions since it launched in 2012.
NIBC supports iwoca on its mission of helping small business owners realise their potential through access to fair and flexible finance.
NIBC product and sector expertise helped provide a tailored financing solution to unlock iwoca’s fast-growth strategy, paving the way for iwoca to take the next decisive step on its growth path.
Our ambition at NIBC is to make a difference for our clients; we seek to be entrepreneurial, inventive and professional, says Nils Schaffner, Director of NIBC Bank’s Telecom, Media, Technology & Services Sector team. Using our expertise, we support iwoca on its mission to help small businesses thrive and by doing so become a European market leader.
Michael Elalouf, CFO of iwoca, said: This new debt facility provides iwoca with more fuel to provide critical finance to the micro and small businesses that are chronically underserved by the banks. Our mission is to break down barriers that stand between small business and finance. We are proud to have provided funding to 20,000 small businesses already but we’re only scratching the surface and hope to be able to reach many more.