VC investor Augmentum Fintech has invested £7.5 million in iwoca.
Augmentum Fintech is one of Europe’s leading FinTech venture capital investors.
In a statement to the London Stock Exchange, it said the investment would allow iwoca, a challenger SME lender, to fund balance sheet expansion and accelerate growth.
Founded in 2011, the FinTech firm has achieved profitability.
“Whilst there are many companies attempting to address SME lending, few have a credit product as advanced as iwoca,” said Tim Levene of Augmentum Fintech.
“We believe their industry-leading analytics and technology set them apart from other lenders and give them a competitive advantage others will find hard to replicate.
“We are confident that iwoca will emerge as one of the winners in the SME space”.
iwoca uses award-winning technology to break down the barriers obstructing access to finance for Europe’s 20 million small businesses.
The FinTech firm has funded more than 25,000 small and medium enterprises across the UK, Germany and Poland.