iwoca Secures £1.5bn in FinTech Investment with Citi and Waterfall Asset Management
Deal News | Nov 11, 2024 | Business Cloud
iwoca, a prominent London-based FinTech company and one of Europe's leading SME lenders, has secured a substantial funding line amounting to £200 million from Citi and Waterfall Asset Management. This investment is part of a broader series of funding rounds that have culminated in almost £1.5 billion since iwoca's inception in 2012. The company is now focusing on extending its offerings to medium-sized enterprises by increasing the maximum for its core Flexi-Loan product to £1 million, enabling it to meet the increasing demand for SME finance. iwoca has continued its growth trajectory with record revenue of £143 million in 2023 and maintaining profitability since Q4 2022. The new funds will support iwoca's mission to become increasingly relevant to a broader range of businesses, particularly those finding it difficult to access working capital. In collaboration with key financial institutions like Citi, Barclays, Vrde Partners, and Pollen Street Capital, iwoca aims to make a substantial impact on SMEs and their communities.
Sectors
- FinTech
- Financial Services
Geography
- United Kingdom – iwoca is a London-based company primarily operating within the UK, making the UK a significant geography regarding the context of SME finance.
- Europe – Being one of Europe's largest SME lenders, iwoca operates on a continental scale as well, targeting European SMEs.
Industry
- FinTech – The article focuses on iwoca, a FinTech company that specializes in providing financial technology solutions specifically geared towards SME lending.
- Financial Services – The involvement of major financial institutions like Citi and Waterfall Asset Management positions this news within the broader Financial Services industry.
Financials
- £200 million – Funding line secured from Citi and Waterfall Asset Management to support iwoca's growth.
- £143 million – Revenue generated by iwoca in 2023, highlighting its financial success.
- £1.5 billion – Total investment secured by iwoca since its founding in 2012.
- £1 million – The increased limit for iwoca's Flexi-Loan product targeting medium-sized enterprises.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| iwoca | Target Company | Company | A London-based FinTech firm specializing in SME lending and known as one of Europe's largest SME lenders. |
| Citi | Investor | Company | A major American multinational investment bank and financial services corporation involved in providing a £200 million funding line to iwoca. |
| Waterfall Asset Management | Investor | Company | An asset management company that has collaborated with Citi to provide £200 million in funding to iwoca. |
| Christoph Rieche | CEO and Co-founder | Person | CEO and co-founder of iwoca, steering the company's strategy to expand SME finance options. |
| Barclays | Past Investor | Company | One of the financial institutions involved in previous debt funding rounds for iwoca. |
| Vrde Partners | Past Investor | Company | A partner in prior debt funding rounds for iwoca. |
| Pollen Street Capital | Past Investor | Company | One of iwoca's past funding partners. |
| Insight Investment | Past Investor | Company | Another financial institution that participated in prior funding rounds with iwoca. |