iwoca combines the growth of e-commerce, scarcity of credit and emergence of innovative data sources to create an exciting investment opportunity. The company provide working capital of up to £50,000 to successful merchants by using their feedback scores, sales history and social behaviour to assess their credit profile. Also, it specializes in offering small business loans quicker than incumbent banks. The company has been named as one of ten winners of the Open Up Challenge with a prize of £100,000 per winner (Dec 2017).
PRODUCTS & SERVICES:
Credit services to small businesses
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The company claims that it has funded more than 15,000 small businesses with a total of £300 million till date (Dec 2017).
DATE OF LAST FUNDING:
TOTAL FUNDING COMMENT:
The company will use the funds to build the technology that makes credit available to small businesses quickly, providing access directly through the website and through partner integrations with its Lending API(May 2018).