"We are very proud to have Carl on board. Under Carl's leadership PayPal grew to a financial powerhouse across Europe. His experience and relationships will be instrumental in growing iwoca's business in the UK and beyond." said iwoca Co-founder and CEO Christoph Rieche.

In his role, Scheible will contribute to the overall development strategy of iwoca, monitoring the company's fiscal performance and future growth plans.

Scheible said, "I am tremendously excited about iwoca and their mission. In volatile economic times where banks have severely curtailed lending, innovative, technology based small business lenders like iwoca are making a difference to many business, helping them grow and trade online."

Scheible brings over 20 years leadership experience from the technology and financial services sectors and has held a number of senior positions at PayPal. Scheible successfully launched and was responsible for PayPal's operations in six European countries and its merchant services business. Most recently he was MD of UK & Ireland and a member of PayPal's EMEA Executive Team. He currently holds the position as Executive VP of Moneygram and has an MBA from Columbia Business School.