UK-based short term finance lender to online retailers iwoca has raised $8.2 million (GBP 5M) from Global Founders Capital in a move that wil help the firm expand across Europe and serve more businesses.
Launched in March 2012, Iwoca is on a mission to revolutionise business finance with its flexible loans to ecommerce sellers. The firm uses innovative technology and expert account management to lend up to £50,000 in minutes. This round of funding will help it reach out to many firms to hire staff, up their technology and business inventory, technology and expand internationally.
iwoca says it is still at the beginning of its journey as there are over 4.6 million businesses in the UK it needs to serve. The firm also said ecommerce is experiencing double digit growth in the country and so need for speed.
In a statement, Christoph Rieche, CEO and co-founder, iwoca said, “This latest round of funding will allow us to leverage our existing operations and drive growth. Our highly innovative approach to data-analysis and credit scoring coupled with Global Founders Capital’s experience and global puts us in an incredibly strong position to take advantage of the structural change within the business lending industry.”
According to GFC partner Fabian Siegel, “The team at iwoca has demonstrated extraordinary execution skills and are committed to breaking new ground in business lending. We will put our expertise in building internet companies and our global network at their disposal to help them drive.”
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