Lenvi Provides Standby Servicing on Fourth Deal With Iwoca

Lenvi, the largest standby servicing provider in the UK, is proud to have supported iwoca with standby servicing for their latest funding facility. Marking the fourth deal that Lenvi has acted as standby servicer for iwoca, this latest facility signals the ongoing success and growth of iwoca as they continue to provide vital support to SMEs.

iwoca, a prominent UK-based online lender, specialises in providing SME finance to businesses in both the UK and Germany via its lending platform. Known for its innovative use of technology, iwoca has been instrumental in delivering swift, seamless finance to small businesses and has seen them become one of the fastest growing small business lenders in the UK. Their tech-driven approach has also earned them recognition as the top small business lender in The Sunday Times HSBC International Track 200 in 2021, where they were also the highest-ranking fintech.

iwoca’s latest facility, backed by Citi and Waterfall Asset Management, allows iwoca to expand its offerings, including doubling the maximum limit of its core Flexi-Loan to £1 million.

By increasing loan amounts, iwoca is strategically positioning itself to meet the needs of medium-sized businesses, addressing a significant demand for larger loans.

This year (up to the end of October, 2024) alone, iwoca have supported record lending of £730 million across 35,000 loans. This continued momentum has propelled iwoca to a top-10 position among UK fintechs in terms of revenue and profit, alongside major players like Monzo and Starling.

Lenvi's partnership with iwoca began in 2020, when Lenvi provided backup servicing on iwoca’s CBILS facility. Since then, as iwoca has experienced significant growth, Lenvi have provided ongoing support across multiple funding facilities, covering both UK and German portfolios.

The relationship has flourished due to the shared fintech foundations of both companies. iwoca’s strong focus on technology, with a dedicated hub in Leeds, aligns seamlessly with Lenvi’s tech-driven services. The fact that both companies have a strong presence in the North further strengthens our connection, creating a regional synergy that enhances the success of our partnership.

Romain Guilleminet - Head of Capital Markets, iwoca said:

“We’re very happy to announce the expansion of our cooperation with Citi. Working with Owain and the team at Lenvi on this fourth facility together has been great. As we expand to serve a wider suite of SMEs (from small up to medium businesses), it's crucial to have dependable partners like Lenvi who help us keep our customer-first approach at the forefront. Lenvi's support has always been clear and dependable, and we look forward to our continued work together.”

Owain Chambers - Senior Business Development Manager, Capital Markets said:

“Our ongoing partnership with iwoca is something that we truly value. It’s been a privilege to support their transformation from a small business to now, as a major player across the UK and Germany. This latest deal marks our fourth deal with them, and we’re excited to continue working with iwoca and seeing what the future brings for them.”