Iwoca lent £1.5bn to UK SMEs in 2025 as revenue rose 56%

Iwoca lent £1.5bn to UK small and medium-sized enterprises in 2025, up from £952m the year before, taking the London fintech's cumulative financing past £6bn. It funded around 100,000 loans last year. Revenue rose 56 per cent to £366m from £234m, and profit reached £85.1m, the company said.

Lending and revenue grew at much the same rate, and the economics barely moved: £85.1m of profit on £366m of revenue comes to about 23p in the pound. Divide the £1.5bn by the loan count and the average advance lands near £15,000. That is the number that governs this business, because it caps what a lender can spend working out whether to say yes — a sum that only makes sense spread across volume, and one explanation for why public money keeps turning up at this end of the market. The same report links to British Business Bank vehicles of £210m for South East SMEs and $140m for those in the East of England.

On 28 September 2026 the firm launched a business credit card, offering UK SMEs flexible credit for day-to-day spending and unexpected costs. Earlier in the year it launched Credit Compass, a free tool that shows an SME how it looks to creditors, and it has run iwocaPay, a business-to-business buy-now-pay-later service, since 2020. The coverage gives no figures for the card, which is unsurprising for a product announced alongside the annual results, and it means the £366m of revenue is the lending book as far as the disclosure goes.

Christoph Rieche, the chief executive and co-founder, said the business has focused since its 2012 launch on SMEs the mainstream does not serve, that it is now lending at scale while bringing out new products and partnerships, and that the gap between the funding those businesses need and what they can get is still widening. The last of those is his characterization rather than a measured statistic, and it happens to suit him. What the figures do show is a lender writing close to a quarter of its entire £6bn history in a single year, at a profit.

For an operator running a smaller balance sheet, the instructive figure is not the £1.5bn but the £15,000. It is the ceiling on per-borrower assessment cost, and it is why lenders in this bracket invest in automation rather than in credit committees. Iwoca has reached both size and earnings on that basis. The card is the first test of whether the formula travels to a second product, and the company has given no card figures to judge it by yet.