We’ve secured funding via the government’s Future Fund scheme


min read

We’ve secured funding via the government’s Future Fund scheme

red wedge
grey wedge
yellow dot
grey line with green square
blue square

Since launching in 2012, we’ve lent over £1 billion and made funding available to 50,000 small businesses. iwoca recently entered into a debt funding platform which will allow us to access up to £100m of funds to support new customers through our Coronavirus Business Interruption Lending Scheme (CBILS) offering.

We’ve now also secured funding through the government’s Future Fund scheme, and we’ll use both investments to continue supporting small businesses with the finance they need to recover.


What is the Future Fund scheme?

The Future Fund is designed to support innovative, high growth firms that typically rely on equity investment, offering to match third party investments of up to £5m by subscribing for convertible loans issued by such firms.

The investment will help us drive recovery for small businesses

The Future Fund investment will help us to continue our support for the UK SME community, and scale-up the provision of finance to small businesses, helping the economy get back on track.

“This investment enables us to focus on helping more small businesses rebuild and adjust to the new normal,” says Michael Elalouf, CFO of iwoca. “Access to finance is now even more important to ensure both small businesses and the economy recover quickly.”

“We will scale across our product offering to drive this recovery: our CBILS offering will support small companies affected by the crisis and our Flexi-Loan will help growing businesses manage their cash flow. Additionally, iwocaPay will give small businesses more control over payment terms - an important reassurance at a time when many are experiencing a great degree of uncertainty. We don’t just want businesses to survive this pandemic but grow and build sustainable businesses for many years to come.”

“It’s effectively a lifeline to help us get through the coronavirus crisis”

David Dick is the Director of B&H Commercials - now funded by iwoca. He is one of the small business owners who we’ve helped steer onto a road to recovery so far.

“This is massive for us,” says David. “It’s effectively a lifeline to help us get through the coronavirus crisis – we’re delighted. If I contrast the quality of service I’ve had with iwoca to the experience that I’ve had with my high street bank, it’s chalk and cheese."

“I submitted exactly the same application as I had with my bank, and boom, here we are. Less than two weeks later and it’s been funded. Not only is iwoca quick and flexible, but they’re also very good at understanding the nature of a business. The ability to provide that quality of customer service is huge and will help us get through this difficult time.”

Charlotte was a UK PR Manager at iwoca. She's been sharing news and insights about the finance industry for over four years.

Article updated on:
August 27, 2020

Get started

  • Borrow up to £500,000
  • Repay early with no fees
  • From 1 day to 24 months
  • Applying won't affect your credit score
Apply now
red line and yellow circle

Other finance related topics

Lorem ipsum dolor sit amet, consectetur adipiscing elit.

View all
Alternative business funding

Supply chain finance

Supply chain finance plays a crucial role in the success of businesses in the UK. It involves various financial techniques and solutions that help optimise the movement of goods and funds along the supply chain. By understanding the basics of supply chain finance, businesses can unlock potential opportunities and drive growth in the competitive market.


Management buyout

A management buyout (MBO) is a well-known strategy in the business world that allows the existing management team to take control of a company by purchasing either all or a majority of the company's shares from its current owners. In the UK, management buyouts have gained significant popularity as a means of acquiring and managing businesses.

Alternative business funding

Property refurbishment loans

In today’s competitive real estate market, property refurbishment has become an increasingly popular strategy for investors looking to maximise their returns. However, undertaking a renovation project can often require a significant amount of capital upfront. This is where property refurbishment loans come in to provide the necessary funding. In this article, we will explore everything you need to know about these loans and how they can help turn your property investment dreams into a reality.

light blue wedge

Let’s get started

Applying won’t affect your credit score

Need help? Call us:

Get approved in 24 hours

Applying won’t affect your credit score

What's next?

  • Apply in 5 minutes
  • Meet your account manager
  • Get money in the bank in hours

Need help? Call us:

close cross
No items found.