- The raised amount comprised of a Series D £20 million equity funding round as well as £130 million in debt capital
- The financing round was led by a £7.5 million investment bid by the London-based fund Augmentum Fintech
Iwoca Ltd. (Iwoca), a London-based online fintech firm, has reportedly raised over £150 million in financing through a funding round led by London-based venture capital fund, Augmentum Fintech & Netherlands-based commercial banking firm, NIBC Bank.
Reports cite, the raised amount comprised of a Series D £20 million equity funding round – led by Augmentum Fintech with a £7.5 million investment, and a debt capital of about £130 million.
According to a report by Yahoo Finance, the fundraisings carried out by Iwoca as well as GoCardless, a fellow industry player, are the latest in a string of significant amount of investments that were made in the UK fintech sector in 2019.
The company, which is known as a credit facilities provider to small businesses throughout the UK & Europe, to date has raised approximately £60 million through equity funding with overall funding reaching the £350 million mark.
The Chief Executive Officer of Iwoca, Christoph Rieche stated that the company is on track to be able to provide funding for over 100,000 businesses in the coming five years, having successfully funded more than 25,000 companies since its launch in 2012.
The CEO of Augmentum Fintech, Tim Levene stated that, Iwoca, is unique for its scale across Germany & its home in the UK. Levene further stated that the factors attributing to its overall success are tough to obtain in combination & Augmentum is confident that the fintech firm would be rising up as one of the very few winners of the SME non-bank lending segment.
A source privy to the matter claimed, the amount raised through the latest funding round would primarily be used to expand the company’s presence across Germany, both in regard to customer-base and company staff.
