Small business lender Iwoca plans to fund 100,000 small businesses in the next five years across the UK, Germany and Poland.

To date, Iwoca has funded more than 25,000 businesses.

Iwoca announced today that it has raised an additional £150 million in equity and debt capital to help it achieve its goals – which include opening a new office in Germany – bringing its total funding to £350 million.

This most recent fundraising included a £7.5 million Series D equity round led by Augmentum Fintech, the specialist fintech venture capital investor. NIBC Bank and other existing investors, including Prime Ventures, also participated.

The small business lender went into profit in 2018, while doubling its revenue in each of the last three years.

Iwoca provides loans of up to £250,000 to small and micro businesses across the UK, Germany and Poland via its website. It claims to make credit available in a few clicks.

Christoph Rieche, co-founder and CEO of Iwoca, said: “Iwoca continues to grow rapidly while bank lending to small companies has dwindled … our mission is to help one million small businesses succeed by opening up access to finance.

“This fundraise enables us to empower many more small businesses and we are excited that we could win Augmentum Fintech to join our next phase of growth.”

Tim Levene, CEO of Augmentum Fintech, said: “As an SME lender, Iwoca is unique for its scale in both the UK and Germany. The factors that underpin Iwoca’s success are difficult to achieve in combination. We are confident that Iwoca will emerge as one of the few winners in the SME non-bank lending space.”

Paulus de Wilt, CEO at NIBC Bank, said: “We are proud to partner with Iwoca, continuing to develop relationships with FinTech companies to add value and find synergies. This investment truly matches our core values of entrepreneurship and inventiveness, and helps us to further boost innovation.”