London based credit startup iwoca has raised £46m in debt financing following a closure of their £21m Series C funding round led by Prime Ventures. iwoca supplies small businesses with fast, online credit.
The startup, founded in 2011, has also secured a £25 million debt facility with challenger bank Shawbrook. CEO and cofounder Christoph Rieche told Business Insider: "We're financing it off our own balance sheet and therefore having debt is quite vital for us to grow our book." iwoca lets small businesses get at online credit facility — a bit like a business overdraft. It has lent over £150 million to more than 7,000 businesses since starting up. Rieche, a former Goldman Sachs banker, says: "The principle is to understand our customers as fast and efficiently as possible. To be able to make a good and fair credit decision but also at a cost point that enables us to lend to businesses that are significantly smaller than the average bank would lend to."