iwoca receives 175 million euros from Citi
Marc Nemitz
| 07.05.2024
Growth driver for small businesses: iwoca raises €175 million to expand its financing services
London/Frankfurt, May 7, 2024 - iwoca, a digital financier for small and medium-sized enterprises (SMEs) in Europe, has closed a funding round. A total of €175 million has been raised from Citi and Insight Investment to support the German SME segment.
Citi's debt financing will strengthen iwoca's role as an attractive embedded lending partner in Germany
Sebastian Walf, Head of EMEA at Citi
Further expansion planned in Germany
iwoca's loan book grew to over 100 million euros last year. The new funding is expected to help drive this growth further and expand financing options for German SMEs in 2024. iwoca has already received significant investment, including €140 million from Barclays and Värde Partners for the UK business. In total, investments in the company since its foundation amount to more than one billion euros.
Small and medium-sized enterprises need simple and flexible financing. We already support many thousands of customers in Germany.
Fabian Platzen, General Manager of iwoca
The demand for financing for small and medium-sized enterprises remains high, as the iwoca SME Index for the first quarter of 2024 shows. According to a survey of financing experts, 73% expect demand to increase over the next six months.
Interest in SME financing remains high
In the first quarter of 2024, iwoca granted more than 9,000 business loans in Germany and the UK, with a total volume of over 230 million euros. These figures illustrate the continued momentum and confidence companies have in iwoca as a financing partner.
With the new funding from Citi and Insight Investment, iwoca is well equipped to continue its plans to facilitate access to finance for small and medium-sized enterprises and support their growth.
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