Chris Rieche and James Dear
A UK first, iwoca provides small business loans to online sellers trading on eBay and Amazon.
Taking small business loans into the 21st century, iwoca looks at factors otherwise ignored by traditional financial institutions when deciding whether or not to lend. Rather than focusing heavily on credit history, the company reviews a seller’s annual sales history, customer feedback scores and social media profile.
In addition to providing loans of up to £20,000 with no arrangement, or early repayment fees, iwoca hosts regular networking events for e-sellers to enable them to engage as part of a community.
Launched in March 2012, iwoca has lent over £1m to Amazon and eBay traders to date.