The lender has received £120m from Barclays and Värde for UK business while also receiving £150m in debt financing commitments from Citibank and Insight Investment to support the company’s growth in Germany.

The new investment follows £200m in funding from Barclays and Värde Partners in October last year, and £170m from Pollen Street Capital in January 2023.

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The funding takes takes the total gross investment in the company to over £1bn since it was founded in 2012.

According to iwoca, the company has provided £3bn in loans to SMEs across the UK and Germany, while also breaking its record for the volume of loans issued in Q1 2024, with over £200m lent across 9,000 business loans in the UK and Germany from January to March 2024.

Christoph Rieche, CEO and co-founder of iwoca, said: “This investment will enable us to keep up with the high demand from small businesses for our Flexi-Loan product.”