iwoca

iwoca: fast financing for small businesses and self-employed individuals in Germany

iwoca presents itself as an alternative credit provider — not a bank — aimed at small businesses and self-employed workers. Its proposition focuses on speed and simplicity of the process: the application is made online, the credit decision is communicated within 24 to 48 hours, and the money is then transferred to the applicant's account. The company states that the application is free, without obligation, and without impact on the SCHUFA score.

Credit products

The catalogue includes two main products: the Flexi-Kredit (flexible credit) and the Flexi-Rahmenkredit (flexible credit line). Both fall under the categories of business credit, self-employed credit, online credit, instant credit, and credit line. The financed amounts range from €1,000 to €500,000, with terms of up to 60 months. Credits with terms exceeding 24 months are only available from €25,000 and require that the company's age be at least equal to the requested term.

Interest rates start at 1% per month and are calculated on a daily basis on the capital actually outstanding. According to the website information, interest rates range between 1% and 2.99% per month. The company states that it does not apply origination, processing, or early repayment fees, and that additional payments can be made free of charge from the first day to reduce the term or the effective cost.

Application process and flexibility

The described process consists of three steps: selecting the desired amount, entering the company and personal data and uploading the documentation; receiving the credit decision within 24-48 hours; and completing the disbursement steps to receive the transfer. The company highlights the possibility of increasing the credit (Aufstockung) after a few payments, a moment that is indicated in the customer profile, and of making free early repayments. After each increase, the full original term starts again for the total credit.

Access requirements

iwoca accepts applications from companies of any legal form and sector, provided they meet three conditions: having their registered office in Germany, at least two months of operational activity, and an annual turnover exceeding €22,000.

Uses and sectors

Financing can be used for purposes such as pre-financing, modernisation, investment, or purchasing goods. The website mentions specific customer examples: upgrading a CRM system to a cloud solution, modernising offices with furniture and technology in compliance with occupational safety regulations, purchasing a transport vehicle for outdoor events, or producing merchandise in Asia. Among the sectors served are retail, car dealerships and workshops, production and processing, healthcare, wholesale, and hospitality and hotels.

Track record and structure

According to its own presentation, over the last 13 years iwoca has gone from being a fintech startup to becoming one of the fastest-growing and largest business credit providers in Europe. The company states it has a team of around 650 employees distributed between London, Frankfurt, Berlin, and Leeds, with the goal of financing one million small businesses. Credits are disbursed through its partners iwoca SCSp SICAV-SIF.

Customer service

The customer service team is available Monday to Friday, from 8:00 to 18:00, via the contact phone and email.

Location and contact

Kaiserhofstr. 13, Frankfurt am Main · Email: support@iwoca.de