Wow! We've now issued £1 billion in funding


min read

Wow! We've now issued £1 billion in funding

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

What a landmark. Just over eight years and three weeks since founding iwoca and we've now issued more than £1 billion in funding to all sorts of businesses. The achievement comes after a record-breaking few years, with £330 million issued in 2018 alone – representing a year-on-year increase of 90%.

Looking back, we've come a long way since iwoca's very first small business loan of £5,250, which was put in place on 1 March 2012.

First ever loan

“This milestone is a huge achievement for iwoca,” says our co-founder and CEO Christoph Rieche. “We’re humbled by the positive feedback received from thousands of businesses up and down the country, this really keeps us going. We’re already working on a few new products that will transform the way businesses access finance. We cannot wait to launch them.”

The £1 billion announcement comes just a few months after iwoca was awarded a £10 million grant from the Capability and Innovation Fund (CIF). The award, issued by The Banking Competition Remedies Ltd (BCR), gives us a huge boost in helping fund more businesses than ever before – at least 150,000 – with the goal of making £5 billion in finance available by 2023.

BCR win

As part of iwoca's BCR pledge, we committed to building new products to help businesses access finance. One of which is OpenLending, our customisable “plug and play” platform that we'll roll out to lending partners.

The OpenLending project will build on our pioneering approach to Open Banking. iwoca was one of the earliest UK fin-techs to launch a lending API in October 2018, and we were the first to provide business finance using the initiative.

Open lending

iwoca was the first UK lender to provide business finance using Open Lending.

It's this kind of work that's seen the team at iwoca pick up more than 40 awards from a huge range of organisations – from the biggest news titles and leaders in the fin-tech space, to specialist small business groups and consultancies.

Our proudest wins include being listed on the Sunday Times Hiscox Tech Track 100 in 2017, 2018 and 2019, as well as appearing in Deliotte's Fast 50 last year. Cloud accounting platform Xero selected us as their Financial Services App of the Year for 2018 and the Emerging App Partner of the year in 2017. And we scooped the Responsible Lender of the Year gong at the Credit Awards two years in a row, starting in 2017.

Staff growth end of year

And as our projects and goals have become more numerous and ambitious, so too have the number of iwocans working on them. In 2015 our average headcount was 66 people. Fast-forward to now and with a 47% year-on-year increase between 2018 and 2019 we now have 315 iwocans working across our UK and Germany operations. But we're not stopping there – we're continuing to on-board awesome people to help us achieve us make finance a superpower for small businesses. Find out more on our careers page.

Hitting the £1 billion landmark really does mean a lot to iwoca. It's one more goal checked off on our mission to fund one million businesses around the world – and we can't wait to see where the journey takes us.

Funding timeline
Words by

This article was created by the Insights team at iwoca.

Article updated on:
January 17, 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.