UK-based SME financier Iwoca has announced raising EUR 50 million in new financing. The German-British fintech is a financier for the self-employed and small and medium-sized companies.

The fintech has now extended its funding line by EUR 50 million, meaning its financing limit is now EUR 193 million. Long-standing partner and asset manager Pollen Street Capital, based in the US and England, is providing Iwoca with the money. According to a Pollen Street representative, the extension and expansion of their partnership with iwoca will help provide much-needed access to capital to small businesses across the UK and Germany.

Other funding lines are also being increased with existing lenders. The SME financier is currently seeing a surge in demand for corporate loans. Higher costs and slower payments from customers mean that many companies need additional financing.

According to Iwoca’s statements, the total number of financed customers rose by 50% in 2022 alone to a total of 15,429 companies. Additionally, in 2022 the lender increased the maximum amount of its flexi loan from EUR 200,000 to EUR 500,000. Iwoca reaches net profitability Iwoca reached net profitability in the fourth quarter of 2022.

The fintech was founded in 2012, followed three years later by an expansion to the German market. According to its own information, Iwoca has since given companies access to loans with a total volume of EUR 4 billion. iwoca is now reaching nearly 3 million businesses across the UK and Germany through its embedded lending technology, which allows businesses to access loans directly through a range of platforms such as accountancy software apps and digital neo-banks.

iwoca collaboration with WooCommerce In November 2022, iwoca integrated its B2B Buy Now, Pay Later (BNPL) solution iwocaPay with ecommerce software WooCommerce. iwocaPay’s extension aimed to provide tens of thousands of ecommerce businesses with the option to offer Buy Now, Pay Later to their business customers. iwocaPay has previously launched its new B2B BNPL API solution, which allows businesses to embed iwocaPay into their ecommerce checkouts.

This made iwocaPay one of the only UK-based B2B BNPL providers that is fully omni-channel, by letting businesses offer B2B payment terms to their customers, whether that’s in invoices, in person, or in their ecommerce checkout. .