iwoca, the only UK-based provider specialising in funding for online retailers, has launched a new integration with Europe’s leading shopping cart provider, ekmPowershop. The collaboration with ekmPowershop will grant 12,000 UK merchants quick and easy access to funding, fuelling ecommerce growth further. Iwoca will use real-time sales and transaction data from the ecommerce provider to […]
IWOCA RAISES £5MILLION INVESTMENT TO FUEL UK GROWTH AND EUROPEAN EXPANSION
EMBARGOED 10:00 09.01.14
Small business lender, iwoca, buoyant after securing £5million funding from leading investors
Global Founders Capital (“GFC”), the new private investment fund founded by the Samwer brothers, and Redline Capital Management S.A., a Luxembourg asset management company acting for Redline Capital Fund (“Redline”), led the equity and debt funding round. All existing investors including Talis Capital, a London based multi-family office, also participated in this round of funding.
Building upon a successful launch in March 2012, the online business lender will use the investment to scale its UK operations and expand internationally. The latest round of funding will allow iwoca to lend to a further 5,000 small businesses in the UK in 2014, and continue its leadership in innovative, small-business lending through extensive research and development.
Fabian Siegel, Partner at Global Founders Capital, said:
“We invest in proven concepts with huge market potential. 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 growth.”
Alastair Cookson, Redline representative on the board of iwoca, added:
“We were impressed with iwoca’s innovative business model and see great potential for the company and the UK’s small businesses. iwoca is pushing boundaries in the small business lending sector and we look forward to seeing iwoca and the sector grow.”
Christoph Rieche, CEO and co-founder, iwoca, commented:
“We are still at the beginning of our journey, there are more than 4.6 million businesses in the UK and ecommerce is experiencing double digit growth. 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 Oliver Samwer’s experience in franchise building puts us in an incredibly strong position to take advantage of the structural change within the business lending industry.