Wikipedia
iwoca Ltd. is an online FinTech company based in London. It offers credit facilities to small businesses trading in the UK, Poland, Spain, and Germany via an automated lending platform. It also partners with Alibaba to offer a trade finance product, e-Credit Line, to businesses purchasing from Chinese suppliers.
CEO Christoph Rieche and CTO James Dear founded iwoca in October 2011 and the company started trading in March 2012. iwoca initially offered credit exclusively to e-commerce businesses. However, in April 2014 it expanded its criteria and started to lend to all types of small businesses.
iwoca provides loans of up to £100,000 and automatically assesses risk based on data taken directly from eBay, Amazon, PayPal, Sage Pay, business bank accounts and other online and offline platforms. This follows a similar model to that used by Kabbage in the United States. A 3% monthly interest rate and maximum loan term of 12 months are typical.
At the launch of iwoca Spain in December 2014, iwoca announced that it had lent almost £30 million across 5,000 transactions in the UK and Poland. In July 2015 it was reported to have seen 250% year-on-year growth in issuance.