iwoca Business Loan Overview

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Information written by Connor Campbell Last updated on 05 December 2022.

With iwoca, you can access flexible business loans to suit a range of purposes. This could be anything from expanding your business, covering a cash flow issue, or hiring new employees.

Find out more about what products iwoca offers, and whether you are eligible, with our overview below.

What is iwoca?

Launched in March 2011 by Christoph Rieche and James Dear, iwoca is an online business lender operating in the UK and Europe.

The company states that it has designed its loans ‘with small businesses in mind’, and currently offers funding anywhere from £1,000 to £500,000.

What does iwoca stand for?

Although the company no longer appears to use the tagline, iwoca was originally a contraction of ‘instant working capital’.

Is iwoca a direct lender?

iwoca is a direct lender, rather than a credit broker. This means that any loans taken out through the brand are borrowed from the lender directly.

How does iwoca differ from traditional lenders?

While iwoca is a direct lender, it is not a bank. Instead, it is an independent company that offers finance to smaller businesses that may struggle to get funding through traditional lenders.

Even though it isn’t a bank, iwoca is still regulated by the Financial Conduct Authority (FCA), and is a member of the Consumer Credit Trade Association (CCTA).

How many customers does iwoca have?

Since it launched, iwoca has provided over 50,000 businesses with more than £3 billion in funding total.

What business loans does iwoca offer?

iwoca offers two main types of business loans:

  • Flexi-Loan: with this type of iwoca business loan, you can currently borrow between £1,000 and £500,000, with terms starting from 1 day and going up to 2 years. You then repay the loan in monthly instalments, with interest. This product has similarities with credit lines, unsecured loans and working capital loans.
  • Revenue Based Loan: with this type of loan, you can currently borrow between £1,000 and £100,000. You then repay the loan as a percentage of your monthly sales, with a fixed fee instead of interest. This product is a form of merchant cash advance.

» COMPARE: Business loans

Can I get a small business loan with iwoca?

All of iwoca’s products have been built with small businesses in mind. You can currently borrow up to £500,000 with an iwoca business loan.

Your interest rate or fixed fee, depending on the loan you choose, will be informed by the results of iwoca’s risk assessment process. This is based on your company’s trading history and cash flow forecasts.

Key features of iwoca business loans

Below are some of the key features of iwoca’s business loans:

  • No early repayments fees.
  • Ability to request a business loan top up if you need more funding.
  • Quick and simple application process.
  • Approval can take just 24 hours.
  • Different types of business loans for different needs.
  • Wide range of repayment terms, from one day to two years.

How do I apply for an iwoca loan?

If you want to apply for an iwoca business loan, then you need to fill out an application online. You will likely need to supply the following information:

  • your company name
  • your personal details, including name and date of birth
  • whether you are a limited company, sole trader, ordinary partnership, limited liability partnership or other
  • when your business started trading
  • your turnover in the last 12 months
  • whether your business is VAT registered or not
  • your bank statements and VAT returns

According to iwoca, your application should only take five minutes to complete, and you should hear whether or not your loan has been approved within 24 hours. You can then expect the funds in your bank account within hours of your approval.

Am I eligible for an iwoca business loan?

In general, to be eligible for an iwoca business loan, you will need to:

  • be based in the UK
  • be a sole trader, partnership or limited company
  • supply basic details about your business
  • supply your bank statements from the last year, or link to your bank account via Open Banking

If you are applying for a Revenue Based Loan, you will need to:

  • have been trading for at least six months
  • be generating at least £500 in monthly sales through card and online purchases

What do iwoca customers say?

On Trustpilot, iwoca has a score of 4.7 out of 5, based on 5,244 reviews.

Information correct as of 18 November 2022.


If you are a small business, iwoca provides you with two main options when it comes to funding, both covering a variety of needs.

The Flexi-Loan can be used for both an immediate injection of cash intended to be repaid within days, or a longer-term investment that will be paid back over a few years, while the Revenue Based Loan comes with repayments designed to match the ebb and flow of your own income.

iwoca Business Loan FAQs

Who owns iwoca?

iwoca is a privately-held company, and was founded by Christoph Rieche and James Dear. Rieche is the current Chief Executive Office (CEO), while Dear is the Chief Technology Officer (CTO).

How many employees does iwoca have?

iwoca employs over 300 people, mainly focused in London, United Kingdom and Frankfurt, Germany.

About the author:

Connor is a writer and spokesperson for NerdWallet. Previously at Spreadex, his market commentary has been quoted in the likes of the BBC, The Guardian, Evening Standard, Reuters and The Independent. Read more

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