iwoca Launches manda M&A Marketplace to Close Growing SME Succession Gap

iwoca has launched manda, a dedicated M&A platform designed to address a growing succession crisis among the UK’s 5.7 million small businesses. By acting as a market maker rather than a traditional broker, the platform leverages deep financial data to match SME owners with institutional buyers, offering a streamlined exit route for founders nearing retirement.

What was announced

manda is a full-service platform that handles the entire M&A lifecycle in one place. Unlike traditional corporate finance brokers who typically represent only one side of a transaction, manda functions as a market maker. It connects SME owners with a pool of serious buyers, including search funds, private equity firms, and family offices. The platform utilizes iwoca’s existing data on more than 100,000 SMEs to identify opportunities. For due diligence and deal structuring, manda integrates bank feeds, filed accounts, VAT returns, and payroll data. This data-driven approach is intended to make the process more accessible and affordable, as the platform only charges a fee upon the successful completion of a deal.

The launch follows the successful sale of roofing contractor TRC (Midlands) Ltd to TrueNorth Capital Group, a transaction where manda managed everything from initial seller sourcing to financial due diligence and completion. The timing of the launch is critical; iwoca’s research indicates that only 21% of UK SME owners have a formal, documented succession plan. Among those aged 55–64, nearly three-quarters have no more than a rough idea of their exit strategy, despite 50% of owners relying on a business sale to fund their retirement. Furthermore, 37% of owners have altered their plans following the April 2026 Inheritance Tax changes, with 15% now more likely to sell and 8% more likely to close down entirely.

"Our analysis shows the majority of small business owners have no formal succession plan for the business they’ve built. Often the hardest part isn’t finding a buyer, but finding the right one at the right time - someone who understands the business and will take it forward. manda solves that by matching sellers with buyers who actually fit what they're looking for. For businesses across the country, this platform is going to transform how deals are done, and how companies think about succession planning."

Christoph Rieche, CEO and co-founder of iwoca.

The companies involved

iwoca is a prominent player in the European fintech space, primarily known as a specialist lender to small and medium-sized enterprises. Since its inception, the company has positioned itself as a technology-led alternative to traditional high-street banks, focusing on speed and data-driven credit decisions. It has built a significant footprint in the UK market, having supported over 100,000 SMEs through its lending products and embedded finance solutions. The company’s move into the M&A space via manda represents a diversification of its core business model, moving from providing working capital to facilitating full-scale corporate transitions and exits.

TrueNorth Capital Group, the buyer in manda's inaugural transaction, is an investment firm focused on acquiring businesses with established heritages and longstanding customer relationships. In the case of TRC (Midlands) Ltd, TrueNorth aims to provide the infrastructure and investment necessary for the next stage of growth within the roofing and external envelope market. TRC (Midlands) Ltd itself is a long-established roofing contractor that exemplifies the type of "legacy" SME that manda is designed to serve—businesses built over years that require a structured exit for their founders, such as Managing Director Trevor Horne, to ensure the company continues to operate under new ownership.

What FF News has reported before

FF News has tracked iwoca’s rapid growth and its expanding influence in the SME ecosystem. Recently, the lender reported that iwoca Revenue Surges 56% to £366M as SME Lender Launches New Business Credit Card, signaling a period of significant financial momentum. The company has also been active in the embedded finance space, as seen when DNA Payments Partners with iwoca to Offer UK SMEs up to £1M Embedded Funding. Furthermore, iwoca’s role as a key partner for major financial institutions was highlighted when Starling Bank Partners with iwoca to Offer Business Loans Up to £1M. These developments underscore iwoca’s transition from a pure-play lender to a multi-product financial platform for the UK’s small business sector.

What this means

The launch of manda is a direct challenge to the traditional, often fragmented corporate finance brokerage model. By automating the due diligence process through bank feeds and VAT data, iwoca is attempting to commoditize a service that has historically been high-friction and expensive for smaller firms. This move puts significant pressure on boutique M&A advisors who lack the data infrastructure to compete on speed or cost. The "succession crisis" highlighted by iwoca’s data suggests a massive untapped market of "silver economy" entrepreneurs who are asset-rich but exit-poor. Whether a fintech platform can successfully navigate the highly emotional and nuanced negotiations of a business sale remains the open question for the sector.