Fintechs: Iwoca holt ABN Amro und Neuberger an Bord
Das Fintech sichert sich 185 Millionen Euro an neuen Kreditlinien für weiteres Wachstum in Deutschland. Dort hat sich das Kreditgeschäft innerhalb von zwölf Monaten mehr als verdoppelt.
Fintech company Iwoca has secured fresh funding of €185 million from Dutch bank ABN Amro and US asset manager Neuberger to expand its presence in the German credit market. This will provide over half a billion euros in new credit lines for small and medium-sized enterprises (SMEs) in Germany, with €400 million already allocated to 13,000 credit customers.
Iwoca's business with corporate credit in Germany has more than doubled in the past 12 months, with the company targeting a billion euros in sales by mid-2028. The fintech firm, founded in 2012 by Christoph Rieche and James Dear, provides small and highly standardized loans to mid-sized businesses, ranging from €1,000 to €500,000.
Iwoca operates a fund in Luxembourg that holds various sub-funds, which in turn invest in the company's credit offerings. The bank partners, including ABN Amro, Neuberger, Barclays, Citi, Lloyds Bank, Pollen Street Capital, and Insight Investment, bear losses up to a certain threshold before Iwoca takes responsibility. Iwoca's average credit default rate stands in the single-digit percentage range, with larger credits slightly lower and smaller ones slightly higher due to more extensive credit analysis.
Iwoca heavily relies on AI for credit underwriting, although human decision-making is still required due to current data quality. The fintech earns around 20% interest on average for its loans, while partner-mediated loans range between 9.5% and 30%, and direct customers pay between 12% and 30%. Iwoca's total revenue grew by 56% in 2025 to an estimated €426 million, with €41 million coming from Germany.
The company attributes this growth to banks' difficulty in profitably offering small credit, increased demand in the SME segment due to inflation and growth, and a massive marketing investment in Germany. Iwoca estimates the total market for short-term, unsecured SME loans in Germany at €60-80 billion per year, with potential to reach €200 billion if comparable financing methods like factoring are considered.
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