The announcement comes as iwoca revealed that it lent a company record £2.2m to 137 businesses in a single day at the end of June.
Since its launch in 2012, iwoca has lent £500m to 20,000 businesses.
The alternative lender has used technology to reduce traditional underwriting costs by up to 90% and has seen 100% year-on-year growth in each of the last three years.
- iwoca secures further £50m funding
- iwoca to lend £100m to North of England SMEs
- 56% of SMEs consider securing finance a struggle
“We are building Europe’s leading tech-enabled small business lender, eliminating the barriers banks have put up to small business finance – the cumbersome paperwork, long waiting times and unfairly rigid lending criteria – so that small businesses can get access to the funding they need to realise their full potential,” said Christoph Rieche, chief executive at iwoca (pictured above).
“Achieving profitability demonstrates the strength and depth of our business and marks a significant milestone for iwoca.
“This is just the beginning as iwoca aims to finance 100,000 more small businesses in the UK over the next five years.”