European SME lender iwoca and Italy’s Intesa Sanpaolo are combining to help the latter’s SME clients obtain financing. The announcement comes as iwoca celebrates an investment by Intesa Sanpaolo fintech VC arm Neva Finventures.
“To date, iwoca has been able to support over 10,000 small businesses with operations across the UK and mainland Europe,” iwoca cofounder and CEO Christoph Rieche said. “We are excited that Intesa Sanpaolo recognised the value of the technology we’ve built and will use it as part of their SME lending operations in the future. Partnering with Neva Finventures and Intesa Sanpaolo is an exciting opportunity to leverage our SME lending technology platform across new credit products and regions while working with one of the most forward-thinking and expansive banking groups in Europe.”
“Investing in iwoca is of strategic importance to us in that it strengthens the Intesa Sanpaolo Group’s position in the area of new business models, and specifically in highly innovative digital financial services,” Intesa Sanpaolo Group CIO Maurizio Montagnese said. “The industrial synergies between iwoca and Intesa Sanpaolo could be significant in the coming years and allow the Intesa Sanpaolo Group to enter segments of the market not served by other banks.”
Since its 2010 launch iwoca has lent more than £200 million across 28,000 transactions and has supported more than 10,000 businesses across the UK, Poland, Spain and Germany.