Augmentum Fintech has invested £7.5 million in small business lender iwoca.
The venture capital firm, which specialises in backing FinTech challengers, said it was investing in iwoca to help fund the startup’s expansion beyond its core markets of the UK, Germany and Poland.
Iwoca, founded in 2011 by chief executive Christoph Rieche and CTO James Dear, offers credit facilities to small business via an automated lending platform with the aiming of cutting the time taken for decisions, approvals and transfer of funds into a business account.
The firm claims to have lent more than £500m to SMEs since its service went live in 2012.
Iwoca has also made early moves into Open Banking, last month announcing integrations of its Application Programming Interface (API) with Barclays and HSBC for third-party data sharing services.
Tim Levene, chief executive of Augmentum Fintech, commented: “Whilst there are many companies attempting to address SME lending, few have a credit product as advanced as iwoca.”
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