London, UK (PRWEB UK) 24 May 2012
British consumers spent an estimated £5.7 billion in April on e-commerce sites according to a recent study published by IMRG and Capgemini, up 10% from last year’s figures.
With exceptional growth and low barriers to entry, the UK online retail market presents a great opportunity for entrepreneurs looking to set up their own business online. Not surprisingly, one of the dominant themes of this year’s Business Startup Show was how to set up an e-commerce shop.
iwoca’s presence at the show aimed to highlight to young entrepreneurs how essential working capital is to the growth of their online retailing business.
With major high street banks not lending to SMEs, iwoca provides an innovative solution for e-tailers who are looking to expand their business. Unlike banks, iwoca processes applications 24/7 through their online portal. Applicants receive estimates within 55 seconds of signing up with approval and transfer of funds happening within the same day.
To assess credit risk, iwoca uses applicants’ eBay and Amazon online trading history and feedback scores - data sources that are not considered by the major high street lenders.
“iwoca combines the enormous growth opportunity in e-commerce with the lack of available funding to small businesses in general and to e-tailers in particular” says Christoph Rieche, founder of iwoca. “We were thrilled to be part of the Business Startup Show and contribute to helping more people making the move into entrepreneurship”.
Media and press enquires please contact:
Alycia Wilson +44 (0)7723 398510
About iwoca Ltd
Formed in 2011, iwoca limited is a London based startup founded by finance and technology professionals. iwoca provides instant working capital to commercial eBay sellers via their website at http://www.iwoca.co.uk.
iwoca successfully launched in March and is already showing impressive traction, having approved in excess of £100,000 to e-tailers trading in anything from collectable books to packaging materials. iwoca has been featured in the Financial Times as well as publications targeted at the e-commerce community such as Tamebay and Auctionbytes.