Commerzbank joins iwoca funding round
04 October 2016 | 5236 views | 0
Commerzbank has stepped up its interest in UK-based SME lending platform iwoca, joining a £21 million round of Series C funding.
The venture capital arm of the German bank was prominent among the investors in a $20m Serie B raise for iwoca last year. The latest round of funding was led by new investor Prime Ventures, with Commerzbank joining previous investors Acton Capital Partners, Global Founders Capital and Redline Capital in the financing.
The firm has also raised a £25 million debt facility with challenger bank Shawbrook.
Iwoca, founded in 2012 by former Goldman Sachs' executive Christoph Rieche, has set its sights on financing over a million small businesses over the next decade as it extends its network across Europe.
The company's tech-driven platform draws on thousands of data points to make fast credit decisions for instant lending.
"We've already been able to support 7,000 small businesses but we aim to finance at least a million customers over the next decade," says Rieche. "This investment gives us the firepower we need to achieve our mission."