iwoca receives £10 million from the CIF for SME financing

European business lender iwoca has received a funding of £10 million from the Capacity and Innovation Fund (CIF) and has become a recipient of one of the four  £10 million Pool C grants awarded with the aim of helping businesses improve lending or payment services to SMEs across the UK.

According to the supplier, the grant is expected to assist iwoca in the expansion of its customer base as well as support British SMEs by making funds available. The grant will allow iwoca to bridge the 10 billion funding gap caused by the lack of relevant finance as well as access to funds through its self-serve ‘plug & play’ platform, OpenLending.

“Winning this grant is a huge milestone for us,” said Christoph Rieche, iwoca’s CEO and co-founder. “We’re confident that we’ll be delivering on our commitment to make £5 billion available to 150,000 SMEs by 2023. iwoca is the only SME lender in the UK with the scale, level of experience and technology to dramatically expand and transform access to finance for small businesses. Our proven track record of industry firsts includes integrating with eBay and Amazon, being the first business to offer a Lending API, and the first SME lender to integrate with OpenBanking. Winning the grant enables us to accelerate our mission to make finance available to one million SMEs.”

The press release stated that iwoca has planned to partner with Xero for developing solutions for small business financing problems, thereby making it more accessible.

Recently, iwoca integrated its lending platform with SME marketplace lenders Funding Options and Funding Xchange which will boost and further automate access to capital for small and medium-sized businesses in the UK while ensuring borrowers with price transparency.

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