iwoca

iwoca is an online business lender. Its main product, the Flexi-Loan, is a revolving credit facility from £1,000 to £1,000,000 that borrowers draw down as needed and repay over terms of up to 60 months, with no fee for early repayment. A short-term cash flow loan is also offered. Applications are made online, and the company states that most decisions come within 24 hours.

Customers are small businesses in the UK and Germany. For UK applicants the business must be a limited company or limited liability partnership. The company earns interest on the outstanding balance, with rates from 1.5% per 30 days, and may charge an additional fee for borrowing over 12 months. iwoca states that it is not a bank.

The company was founded by James and Christoph, who had worked in finance. Its website says it has been operating for fourteen years and has funded over 100,000 businesses. It reports offices in London, Leeds, Frankfurt and Berlin, and a £250m funding structure with a UK bank and Waterfall Asset Management. Its careers page lists 40 open roles, mainly in engineering, data science, sales, customer operations and marketing, several of them German-speaking and based in Berlin or Frankfurt.

Product: Flexi-Loan revolving business credit from £1,000 to £1,000,000 with terms up to 60 months, plus short-term cash flow loans.