iwoca hits £1bn lending milestone as headcount soars

By Oliver Smith on Tuesday 5 November 2019

Alternative Lending

After seven years, iwoca now has funded over 30,000 small businesses.

iwoca hits £1bn lending milestone as headcount soars
Image source: iwoca Co-founders James Dear and Christoph Rieche.

UK business lender nearly doubled its lending last year to £330m, helping the startup announce it has now reached a cumulative lending milestone of over £1bn.

The news comes as iwoca’s headcount has jumped 50% in the last 12 months, boosted further by the £10m BCR grant which the company secured in August to further expand its customer base.

“This milestone is a huge achievement for iwoca” said Christoph Rieche, CEO and co-founder of iwoca.

“We’re humbled by the positive feedback received from thousands of businesses up and down the country, this really keeps us going.”

As part of its BCR funding iwoca pledged to expand its lending to 150,000 businesses with £5bn in loans available and £1.4bn in loans under management by the end of 2023.

“We’re already working on a few new products that will transform the way businesses access finance. We cannot wait to launch them,” added Rieche.

Iwoca’s targets look achievable, the firm reached profitability last year, doubled its revenues to £48m and yesterday said 2019 will see it beating all its previous lending records.

Earlier this year iwoca claimed it is now lending more to businesses than Santander and HSBC do in overdrafts.

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