The good news just keeps on coming. Riding on the coat-tails of our huge Alibaba announcement last month, we’re delighted to make public that German businesses can now access funding through iwoca.
This expansion of our European operations will mean that we can now finance small businesses in countries with a combined 50% of EU GDP – a huge achievement by any standards and a big step towards our goal of being able to finance every business in Europe.
German companies will now be able to take advantage of credit facilities of up to €50,000 with free early repayments and no additional fees whatsoever. Though customer’s accounts will be wholly managed by iwoca, due to German lending regulations the credit facilities available through iwoca.de will be financed by groundbreaking German online-only bank Fidor.
We believe the market for alternative finance in Germany is massive, exhibiting growth of 113% in 2014 alone. When you combine this with the knowledge that 40% of companies in Germany with five employees or less who apply for finance are rejected, it’s clear iwoca can have a huge part to play in improving the fortunes of German small businesses.