Iwoca, a UK-based provider of short-term business loans, secured $20m in series B funding on Thursday from investors including CommerzVentures, the corporate venturing unit of financial services firm Commerzbank.
Venture capital firm Acton also invested, while several of Iwoca’s existing backers also returned to participate in the round.
Founded in 2012, Iwoca enables companies to apply for a short-term loan online through a platform that analyses business performance before granting a loan and transferring the money within a few hours.
Iwoca previously provided up to £10,000 ($15,600), or one month’s revenue, with a six-month term, and will use the series B funding to increase the maximum credit limit to £100,000 over a 12-month term.
The company also aims to expand into more countries in Europe. It currently operates in the UK, Spain, Germany and Poland.
Iwoca closed a £5m ($8.2m) series A round in January 2014 that included Global Founders Capital and marketing agency Beyond Digital, which previously supplied £2m in seed funding for the company in 2013.