Intesa Sanpaolo's Neva Finventures backs Iwoca

The investment will be used to create a new method for backing small businesses with turnover of up to €5m. With this acquisition, Intesa also expands its banking operations across central and eastern Europe beyond existing operations in Italy, the Middle East and North Africa.

Previous funding
According to Crunchbase, Iwoca received £21m in a series-C funding round led by Prime Ventures in October 2016. Prior to that, the company was backed by Acton Capital Partners and CommerzVentures, with $20m raised in a series-B funding round in August 2015. 

In 2014, Global Founders and Redline backed the company with £5m and in January 2013 Iwoca received support from Talis Capital and Beyond Digital with £2m.

Company
Headquartered in London, Iwoca is a provider of short-term loans of up to £100,000 to SMEs based in the UK, Poland, Spain and Germany. Since inception in 2011, Iwoca has lent approximately £200m to 10,000 small businesses.

People
Intesa Sanpaolo Group – Maurizio Montagnese (chief innovation officer).
Iwoca – Christoph Rieche (co-founder, CEO).

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• Topics
• Expansion
• UK / Ireland
• Financials
• Intesa Sanpaolo
• United Kingdom