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About iwoca
iwoca is a leading UK fintech lender providing fast, flexible business loans to small and medium-sized enterprises (SMEs). Founded in 2011 by Christoph Rieche and James Dear, iwoca was created as an alternative to traditional bank lending, offering quicker decisions and more accessible funding.
Based in London, iwoca uses advanced technology and real-time data to assess applications, allowing businesses to apply online and often receive a funding decision within hours.
What does iwoca offer?
iwoca provides fast, flexible unsecured business loans designed for small and medium-sized businesses in the UK. With a fully online application, businesses can apply in minutes and often receive a funding decision within 24 hours, making iwoca a popular alternative to traditional bank lending.
Its main product, the iwoca Flexi-Loan, works as a revolving credit facility rather than a fixed loan. This allows businesses to draw funds when needed, repay early to reduce interest, and reuse the available credit without reapplying. Interest is only charged on the amount used and for the time it is borrowed.
The Flexi-Loan is offered across flexible term structures including Flexi-12, Flexi-24, and Flexi-60, corresponding to 12, 24, and 60 month repayment options, allowing businesses to match borrowing with cash flow needs.
Businesses can access funding from £1,000 up to £1 million, with repayment terms up to 60 months. As an unsecured loan, no business assets are required as collateral, although a personal guarantee is usually needed from a company director.
Key features of iwoca's Flexi-Loan
| Loan amounts | £1,000 to £1 million |
|---|---|
| Loan terms | 1 day to 60 months |
| Security | Unsecured lending – no business assets required as collateral |
iwoca eligibility criteria
To apply for an iwoca business loan in the UK, your business will typically need to:
- Be registered and operating in the UK
- Be a limited company or LLP (sole traders are not eligible)
- Have at least 6 months of trading history
- Generate a minimum annual turnover of £10,000
- Have directors aged 18 or over
What other business funding does iwoca offer?
Alongside its core Flexi-Loan product, it also provides additional payment and credit solutions:
iwocaPay
A "buy now, pay later" style business payments solution that lets customers of a business split invoice payments on purchases of up to £30,000, over 1, 3, or 12 months while the business gets paid upfront. It helps improve cash flow and reduces payment delays and admin.
Credit Card
iwoca has introduced a new business credit card offering, providing up to £250,000 credit limit with zero fees, giving businesses a flexible, card-based way to manage everyday spending and short-term cash flow needs.
Calculate your iwoca loan costs
Use our iwoca loan calculator to quickly calculate your estimated repayments, total interest, and overall borrowing costs. Whether you’re reviewing an existing iwoca offer or exploring new funding options, our tool helps you make clearer, more informed financial decisions in seconds. Compare figures, test different loan amounts, and see how iwoca finance could work for your business before you commit.