London-based small business lender iwoca has raised £150 million. The round supposedly consists of £20 million in equity funding from Augmentum Fintech and Prime Ventures and £130 million in debt capital from NIBC Bank, City A.M. reported. The former part includes an earlier £7.5 million capital injection by Augmentum Fintech announced in January.

The company, which has raised a total of £350 million in debt and equity including the current round, claims to have funded over 25,000 small businesses in the UK, Germany, and Poland. iwoca plans to use the capital to increase its presence outside the UK.

“iwoca continues to grow rapidly while bank lending to small companies has dwindled,” said Christoph Rieche, co-founder and CEO of iwoca. “We are on track to fund 100,000 small businesses in the next five years and our mission is to help one million small businesses succeed by opening up access to finance.”

In the photo: iwoca co-founders Christoph Rieche, CEO (right) and James Dear, CTO (left)

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