Global asset manager Insight Investment has reportedly supplied European small business lender iwoca with €100m in debt capital to help the FinTech finance more loans.
The fresh funds will be used to provide more credit lines for small businesses in Germany, according to reports in the media. iwoca has already issued more than €1bn in loans to companies across the UK, Germany and other countries.
iwoca is a lending platform which enables businesses to access working capital loans from £1,000 to £200,000. These “flexi-loans” can be taken out to buy stock, pay bills or make short-term investments and are on repayment terms ranging from one day to 1 year.
Businesses in need of a longer-term loan can take out a small business loan which ranges from £25,000 to £250,000 and can be repaid over a five-year period.
Augmentum Fintech, Prime Ventures and a number of other investors supplied the FinTech startup with £150m of equity and debt last year. The Series D round was raised to help iwoca support more businesses.
Copyright © 2020 FinTech Global
