01 April 2015

'Wonga-for-business' Iwoca lands £5 million funding round

10 January 2014  |  3087 views  |  0 Pound note Queen Close up

Iwoca, the london-based 'Wonga-for-business' short-term finance start-up has raised £5 million in equity and debt funding from Global Founders Capital and Redline Capital Management.

The firm, set up by ex-Goldman Sachs VP Christoph Rieche and former Deutsche Bank VP James Dear, launched last year targetting firms selling on eBay and Amazon with short-term loans of between £100 and £50,000.

Reports suggest the company loaned out up to £1 million last year, and it now plans to extend its offering to a further 5000 small businesses in the UK.

The new round of funding follows a successful £2 million round last year. The company says it will use the money to expand its operations in the UK and move into Europe.
KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

13 December, 2013
25 September, 2013
30 November, 2012
23 October, 2012
31 May, 2012
08 May, 2012

Related company news

 
Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
Europe sets the pace as fintech investment...
6377 views comments | 29 tweets | 20 linkedin
UK online banking fraud losses soar 48%
5873 views comments | 16 tweets | 19 linkedin
Future Money Focus: Mariano Belinky, Santa...
5498 views comments | 12 tweets | 12 linkedin
Google preps Gmail bill payment feature
5162 views comments | 15 tweets | 12 linkedin
Barclays and PayPal join Government ID acc...
4994 views comments | 10 tweets | 11 linkedin

Featured job

to $175k base, double OTE, benefits
New York City, NY (USA)

Find your next job