iwoca, one of Europe’s largest SME lenders, has announced a new £200 million package of debt funding from Citi and Waterfall Asset Management and doubles its SME loan offer ceiling to £1 million.
The funding follows a series of investment rounds in the past two years, attracting £740 million debt funding from partners including Citi, Barclays, Värde Partners, Pollen Street Capital and Insight Investment. This takes investment in the business to almost £1.5 billion since launching in 2012.
The FinTech lender has doubled the size of its maximum loan as it looks to meet as yet untapped demand for larger loans from medium-sized businesses.
This follows data from iwoca’s latest SME Expert Index, which suggests that almost one in three brokers believe that loans over £100,000 will see the most new applications over the next six months.
The lender has also recently been placed as one of the top 10 performing FinTechs in the UK.