London-based alternative lending platform iwoca has raised a €24 million Series C round of funding, led by Prime Ventures which invested €14 million, with participation from existing investors Acton Capital Partners, CommerzVentures, Global Founders Capital and Redline Capital.
In addition, Iwoca has secured a €30 million secured debt facility from a syndicate of investors led by Shawbrook Bank.
The cash and debt facility will be used to beef up iwoca’s proprietary technology and data platform, scale its UK and European operations and to launch new partnerships.
Iwoca says it has lent over £150 million across 18,000 transactions since launching in 2012, funding 7,000 businesses across the UK, Poland, Spain and Germany.
As part of the funding agreement, Sake Bosh, founder and managing partner at Prime Ventures, will be joining Iwoca’s board as a non-executive director.