UK-headquartered fintech Iwoca Ltd. raised £270 million (about €313.5 million) from Citigroup Inc. and Barclays PLC, bringing the total investment into Iwoca over £1 billion (€1.16 billion) since the company was formed in 2012.
Iwoca received £150 million (€174.1 million) in debt financing from Citibank NA and Insight Investment to support the fintech’s growth in Germany, according to a May 7 news release from Iwoca. The company received £120 million (€139.3 million) from Barclays and Värde Partners to support the firm’s UK business.
Christoph Rieche, Iwoca CEO and co-founder said:
“This investment will enable us to keep up with the high demand from small businesses for our Flexi-Loan product. Business owners choose us over high-street banks because we make faster lending decisions, typically within 24 hours, and our loan terms are much more flexible.”
Barclays and Värde Partners previously financed Iwoca £200 million (€232.2 million) in October 2023. Iwoca previously received £170 million (€197.4 million) from Pollen Street Capital Ltd. in January 2023.
Iwoca provides credit finance services to small businesses in the UK.