Small business lending platform iwoca has raised £150 million in equity and debt capital, bringing its total funding to £350 million.

The Series D round was led by Augmentum Fintech, along with NIBC Bank and existing investors, including Prime Ventures.

The London-based FinTech said it would use the capital to extend its business lending services to SME’s across the UK, Germany and Poland.

It also announced that the business - launched in 2011 - reached profitability in 2018 and had doubled revenue in each of the last three years. The company has said it is on track to reach its target of funding 100,000 small businesses within the next five years.

Christoph Rieche, co-founder and chief executive of iwoca, said that the company was continuing to grow rapidly while bank lending to small companies had “dwindled”.

He added: “This fundraise enables us to empower many more small businesses and we are excited that we could win Augmentum Fintech to join our next phase of growth.”

This investment comes as major venture capital firms continue to pour money into the UK’s thriving FinTech scene.

In a separate announcement today, Gocardless, a business-to-business invoicing, subscription and debit service, secured $75 million from the venture capital arms of Google and Salesforce.

The London-based FinTech said it would use the Series E investment to boost access to its unified global bank debit network, which provides the infrastructure for recurring payments, subscriptions instalment and invoice payments.

The round was led by new investors including Adams Street Partners, GV (formerly Google Ventures) and Salesforce Ventures, alongside existing investors, including Accel Partners and Balderton Capital.

GoCardless said it would use the money to accelerate global expansion as it builds new offices across Europe, Asia, the Middle East and North America, in order to tap the $41 trillion dollar market in recurring payments.

Hiroki Takeuchi, chief executive of GoCardless, said: “Thanks to the support of our investors we can now open up our global network and payments platform to more businesses across the world and deliver on our mission to take the pain out of getting paid, so that businesses can focus on what they do best.”

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