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iwoca interview welcome pack: Tech, Analytics and Product (TAP).
This coda will provide you with the essentials to get most from your interview process.
About iwoca
iwoca is one of the UK’s highest-performing B2B FinTechs. Since our launch in 2012, we’ve issued over £3 billion in loans and supported 150,000 small businesses. Our mission is to fund one million small and medium-sized enterprises (SMEs) by 2032.
SMEs account for 99% of UK businesses and generate over £2 trillion in annual revenue, yet they remain underserved by traditional banks. iwoca exists to close that gap with finance solutions that are fast, simple and effective.
We offer a range of flexible loan products, including short-term, unsecured business loans, Flexi-loans and Buy Now Pay Later, in amounts from £1,000 to £1 million. Customers use our funding to cover payroll, buy goods, materials or equipment, pay urgent bills or invest in growth. Most loans are approved within 24 hours. Our fastest turnaround from application to funding is just over 3 minutes.
How it works
When a customer applies for a loan, they allow us to access information about them and their business. Our machine learning models connect to bank statements (through open baking), Companies House, and credit reporting bureaus, then assess the data in real time to determine eligibility. For simplicity, imagine a £15,000 threshold:
(In practice, the threshold is dynamic and based on many factors assessed in real time. This example is only to illustrate the process.)
Why it matters
For an SME, waiting weeks for a bank loan can be too long, especially when trying to recover from a setback or seize an opportunity. Fast access to working capital can be the difference between progress and stagnation. That’s why we’re here: we provide instant-working-capital (i-wo-ca).
Our edge
Our technology gives us a clear advantage. We use data science and machine learning for credit scoring, enabling real-time risk analysis and automated decisions. Customers can apply via our website, broker network or partners. We integrate with open banking, credit bureaus and accounting tools (e.g. Xero). Our proprietary risk models, trained on millions of data points, deliver lower default rates than the industry average.
We’ve been profitable since 2022 and continue to grow revenue at record levels. Customers value our speed, clarity, and support; we score . Our 500-strong team works across London, Leeds, Frankfurt and Berlin, and they rate us highly too; .
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