Provide small business loans for online retailers in the UK
iwoca recognised the need for a better, faster way of getting cash to sellers for their online businesses. The founders saw the trend of people shopping online and realised that independent internet retailers were capitalising on this through sites such as Ebay. iwoca enables these independent entrepreneurs to further their businesses by financing their growth, based on annual sales and customer feedback scores - the latter being a factor a traditional lender would never consider.
The business has only been trading since March but is already in profit after approving 100 loans to online sellers. The progress of iwoca has caught the attention of national media too: both the Mail on Sunday and the Financial Times have covered this innovative young business.