iwoca scores £21m to lend to more European SMEs

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fintech insurtech wealthtech regtech ai cybertech esg news

SME lender iwoca has raised £21m in a Series C round led by Prime Ventures.

Funding for the London-based company also comes from existing backers Acton Capital Partners, CommerzVentures, Global Founders Capital and Redline Capital.

The startup operates across the UK, Germany, Poland and Spain and says it has already provided more than £150m in financing to 7,000 small businesses.

iwoca says it will use the capital to continue developing its proprietary data platform and continue its expansion around Europe with the aim of serving 1 million customers over the next decade.

As a result of the new financing Prime Ventures’ managing partner Sake Bosh will join the company’s board as a non-executive director.

The round brings the total raised by iwoca to just short of $60m with its previously taking on a $20m Series B round from Acton Capital Partners and CommerzVentures in 2015.

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