iwoca is the UK’s fastest growing SME finance provider on the 18th annual edition of the Sunday Times Hiscox Tech Track 100, published last Sunday, 9th September 2018. Ranked No. 30 in the league table – which ranks Britain’s private technology, media and telecoms companies with the fastest-growing sales – iwoca is the only SME finance provider in the Top-40.
iwoca lends up to £200,000 to small businesses, which have been chronically underserved by banks since the financial crisis.
The British fintech has experienced significant recent growth, achieving profitability in the first half of 2018. It lent a company-record £2.2 million in a single day at the end of June 2018, funding small businesses with more than £1,500 per minute.
The number of business overdraft facilities offered by banks to businesses with less than £2 million in annual turnover has been cut by more than 50 percent during the last 5 years, according to UK Finance. Between December 2015 and December 2017, iwoca’s credit line approvals represent the equivalent of 10 percent of the business overdraft market approved by the high street banks.
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iwoca uses award-winning technology to reduce traditional underwriting costs by up to 90 per cent and make fast decisions based on currently available data. iwoca has lent more than £500 million to over 20,000 European businesses and 70 per cent of its lending decisions are automated, where customers get approved within 13 seconds.
Christoph Rieche, Chief Executive and Co-founder of iwoca, said: “We are thrilled to be the UK’s fastest growing SME finance provider on this year’s Tech Track 100. Small business owners want access to finance to be on their terms, so that they can get on with running their business. iwoca provides a solution built around their needs and delivers exceptional customer service. These have been the building blocks for fast growth and expansion that helped iwoca to achieve profitability in the first half of this year.”
Mr. Rieche continued: “We’re poised to continue growing, so we can help more small businesses realise their potential. That’s why iwoca aims to fund 100,000 small businesses in the next five years.”
The full Sunday Times Hiscox Tech Track 100 league table was published as a 10-page supplement within the business section of The Sunday Times on 9 September 2018, both in print and in the digital edition, and on www.fasttrack.co.uk.