By Oliver Smith on Thursday 27 February 2020
Cash from BNY Mellon’s Insight Investment will fund “several thousand” additional businesses.
Small business lender Iwoca will dramatically increase its lending in Germany after securing €100m in additional debt funding.
The funding comes from Insight Investment, one of the largest investment management companies in the world, owned by BNY Mellon.
Germany is a growing market for Iwoca, with the lender announcing plans last year to double its headcount from 50 to 100.
Fresh with additional cash, Iwoca says it now plans to lend to “several thousand” additional small businesses in Germany.
“Our team is always looking for opportunities to expand our investment universe to new frontiers,” said Insight Investment’s head of secured finance, Shaheer Guirguis.
“This investment in Iwoca’s fintech loans allows us to diversify into a new sector in Europe’s largest economy and we believe it also provides our clients with diversification and high-quality cashflow streams.”
With its latest funding Iwoca has now raised over €500m in equity and debt finance, with over €1bn leant out to businesses in the UK and Germany.