Alternative lending to high street banks is fast becoming mainstream. We’ve just heard that iwoca have won another £2m investment from Beyond Digital, a Jersey investment company, who are advised by Talis Capital Limited.
iwoca has already lent out in excess of £1m to their customers since their launch in March 2012. Online marketplaces, such as eBay and Amazon, are experiencing double digit growth globally, with the UK as one of the fastest growing markets with the highest ecommerce spend per head so it’s no surprise that it’s fertile growth for finance companies.
Are you looking for finance this year and if so are traditional lending sources like your bank being cooperative? The Government launched a “Funding for Lending” scheme which enabled financial institutions to borrow at low finance rates,intended to help small and medium sized businesses access finance. The latest report from the Bank of England shows little evidence that finance is being made available though, the banks are still not lending.