The first Friday of every month, iwocans gather together for a regular “town hall” meeting. It’s a chance to keep everyone up to date on the company’s progress, share customer success stories, provide information on upcoming plans. And we get to drink a beer or two.
Friday the 6th July 2018 we received some news: iwoca has reached profitability in the first half of 2018.
In the words of our CEO Christoph Rieche, “Achieving profitability demonstrates the strength and depth of our business and marks a significant milestone for iwoca.”
iwoca’s technology has always been the forefront of our business model, allowing businesses to get approved for a credit line within minutes through an online application process.
That back end has helped power our stellar customer service, and the results of that combination speak for themselves: In Q1 2018, iwoca’s credit line represented nearly 10% of UK SME overdraft approvals, according to UK Finance.
So what’s next for iwoca? Christoph also shared that “We aim to finance 100,000 more small businesses in the UK over the next five years and to support a broader range of needs for small businesses, beyond working capital, so we intend to expand our product suite.”
We hope you’ll join us in this new stage in the iwoca journey, and can’t wait to share more good news soon.