Intesa Sanpaolo teams with iwoca for SME lending
Deal could allow Intesa Sanpaolo “to enter segments of the market not served by other banks”
SME lender iwoca and Italy’s Intesa Sanpaolo are partnering to provide Intesa’s SME clients with credit products.
The partnership coincides with an investment in iwoca by Neva Finventures, Intesa Sanpaolo’s fintech venture capital arm.
Maurizio Montagnese, chief innovation officer at Intesa Sanpaolo, adds that the “industrial synergies” between the firms “could be significant in the coming years” and allow it “to enter segments of the market not served by other banks”.
Iwoca says it has lent over £200 million across 28,000 transactions since its launch in 2012. According to the firm, it has worked with 10,000 businesses across the UK, Poland, Spain and Germany.
Intesa Sanpaolo operates across Central and Eastern Europe, Middle East and North Africa. It has over 1,100 branches and 7.7 million customers.
