Small-business lender Iwoca weighs sale, sources say
13/11/2025 10:57
By Amy-Jo Crowley and Charlie Conchie LONDON, Nov 13 (Reuters) - British small-business lender Iwoca, backed by investors including Commerzbank's CommerzVentures and London-listed Augmentum Fintech, is exploring a potential sale, four people familiar with the matter said. DEAL DETAILS Iwoca, short for 'instant working capital', has been sounding out advisers to discuss a sale that could begin early next year, the people said. A sale could value the London-based fintech at more than 1 billion pounds ($1.34 billion), two of the people said. Banks and payments companies would be among the likely suitors, one of the people added. An initial public offering has also been discussed for the non-bank lender, another of the sources said. Discussions are at an early stage and a sale may not materialise, the people said, speaking on condition of anonymity because the matter is private. Iwoca and Augmentum Fintech declined to comment. Commerzbank did not respond to a request for comment. CONTEXT Around 60% of Britain's small-business lending in 2024 came from outside the country's main banks, according to a report from the British Business Bank. Iwoca generated revenues of 234 million pounds in 2024, up from 143 million pounds in 2023, while pre-tax profits nearly tripled to 59 million pounds, according to Companies House filings. It currently operates in the UK and Germany and has 600 staff across offices in London, Leeds, Berlin and Frankfurt. ($1 = 0.7451 pounds) (Amy-Jo Crowley and Charlie Conchie in London. Editing by Anousha Sakoui) ((amy-jo.crowley@thomsonreuters.com))