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

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

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.

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