iwoca Revenue Surges 56% to £366M as SME Lender Launches New Business Credit Card

iwoca has reported a 56% revenue surge to £366 million in its 2025 financial results, alongside the launch of a new Business Credit Card for UK SMEs. For fintech professionals, this performance signals the continued resilience of alternative lending and the successful pivot of specialist lenders into multi-product financial ecosystems for small businesses.

What was announced

iwoca’s 2025 financial accounts reveal a record year of growth, with revenue reaching £366 million, up from £234 million the previous year. The lender provided £1.5 billion in funding across its UK and German markets, facilitating approximately 100,000 SME loans during the period. This brings the company’s total lending since its 2012 inception to over £6 billion.

The firm reported a profit of £85.1 million, attributed to productivity improvements and the use of proprietary technology for credit decisions. These profits are being reinvested into a broadening product suite. The headline addition is the Business Credit Card, designed to provide UK SMEs with flexible credit for daily spending and unexpected costs. This joins Credit Compass, a free credit-tracking tool used by over 10,000 SMEs, and iwocaPay, a B2B Buy Now, Pay Later (BNPL) service. Since 2020, iwocaPay has processed £100 million in payments for 13,000 firms, the majority of whom have annual revenues under £500,000.

To support further lending, iwoca recently closed a £250 million facility with a leading UK bank and WAM Capital. The company also confirmed it is set to launch further products in the insurance and M&A sectors in the coming months to address broader business challenges. Its growth trajectory and product development recently earned it the "Fintech Company of the Year 2026" title at the Fintech Awards London.

"Since launch in 2012, we've focused relentlessly on our mission to finance underserved SMEs. While we’re now lending at scale, and announcing new products and partnerships, the funding gap continues to widen. We have more work to do."

Christoph Rieche, iwoca’s CEO and co-founder.

The companies involved

iwoca was founded in 2012 by Christoph Rieche and James Dear. It has established itself as one of Europe’s largest specialist lenders for small and medium-sized enterprises (SMEs), operating primarily in the United Kingdom and Germany. The company differentiates itself through a tech-led approach to credit decisions, moving away from traditional banking models to provide faster access to capital for firms that may struggle with high-street requirements.

The lender’s ecosystem is heavily integrated with the wider UK fintech landscape through over 50 partnerships. These include collaborations with digital challenger banks such as Starling Bank and Tide, as well as the business platform Monzo and the accounting software provider Xero. These integrations allow SMEs to access iwoca’s credit products directly through the platforms they use for daily operations.

Starling Bank, a key partner, is a prominent UK digital bank that has significantly expanded its business banking footprint. Similarly, Tide serves as a dedicated business financial platform, recently expanding its own service range. iwoca’s position in the market is defined by its ability to bridge the "funding gap" for micro-businesses and small firms that are often overlooked by larger high-street institutions.

What FF News has reported before

FF News has closely followed iwoca’s expanding partnership network and its integration into the broader financial services market. We recently reported on Starling Bank Partners with iwoca to Offer Business Loans Up to £1M, a move that strengthened the lender's reach within the digital banking sector. This was followed by news of DNA Payments Partners with iwoca to Offer UK SMEs up to £1M Embedded Funding, highlighting the trend toward embedded finance solutions.

Our coverage of iwoca’s partners also includes Tide Appoints Dan McNally to Lead Global Expansion of Tide Insurance Services and Starling and Arsenal Launch New Partnership With Financial Literacy Campaign. These stories reflect the competitive environment in which iwoca operates, as its partners also evolve their own service offerings for the SME market.

What this means

iwoca’s transition from a pure-play lender to a multi-product SME platform reflects a broader shift in the fintech sector. As revenue growth of 56% demonstrates, there is significant appetite for credit outside traditional banking channels. However, the move into credit cards, insurance, and M&A tools suggests that lending alone may no longer be enough to maintain a competitive moat. High-street banks are under increasing pressure to digitize their SME offerings, while other fintechs like Tide are also moving into insurance. The primary challenge for the sector remains the widening funding gap; despite record lending volumes, the demand for flexible SME capital continues to outpace supply.