iwoca adds €185m German line with ABN AMRO senior, Neuberger mezzanine

iwoca has added a €185m (£156m) German credit line, with ABN AMRO as senior lender and Neuberger Berman providing the mezzanine tranche, Alternative Credit Investor reported on 19 October.

The new refinancing lifts iwoca's total German commitment to more than €560m. In a senior/mezzanine stack, ABN AMRO's claim ranks ahead of Neuberger Berman's, so the mezzanine lender's return depends on German SME losses staying inside the junior slice. The report does not give the tranche split, pricing or tenor.

Fabian Platzen, general manager of iwoca Germany, said the firm more than doubled its German loan book over the last 12 months, with demand coming from customers buying goods, investing for growth and bridging liquidity spikes.

iwoca has close to 13,000 active loan customers in Germany and plans to grow the German loan book to €1bn and serve between 30,000 and 35,000 active SME customers by 2028.

Sachin Patel, a managing director at Neuberger Berman, said iwoca "has established a compelling business model that serves an important gap in the German SME financing market". Adriaan Wessels, executive director of structured finance at ABN AMRO, said digital SME lending can scale sustainably.

iwoca, founded in 2012, operates in the UK and Germany and has disbursed around €7bn to SMEs, according to the report. The German build-out sits alongside a UK business that lent £1.5bn to SMEs in 2025 as revenue rose 56%, per PCD's earlier reporting.