Orrick Advises German Investors Acton Capital and CommerzVentures in US$20 Million Investment in London Fintech Startup Iwoca

August.03.2015

An Orrick team led by London technology companies partner Shawn Atkinson has advised German venture capital firm Acton Capital and CommerzVentures, the venture arm of German lender Commerzbank, in a US$20 million Series B investment round in London-based Iwoca Limited. Iwoca is a leading London-based online SME credit provider that uses proprietary credit analysis technology to offer flexible financing of up to £100k. Venture capital firm Redline Capital and existing investors also participated in the round. Launched in 2012 by Goldman Sachs alum Christoph Rieche and Deutsche Bank alum James Dear, Iwoca provides short-term finance to SMEs based in the UK, Poland, Spain and Germany. The funding will be used to grow the lending platform’s European business.

"Global investment in financial-technology (fintech) ventures tripled from 2013 to 2014, with Europe being the fastest growing region in the world and the UK accounted for more than 40 percent of Europe's growth," said Shawn. "With Prime Minister Cameron's focus on making the UK the most investment-friendly environment for fintech globally, we will likely see continued investment in the UK and Europe generally over the next few years."

Orrick represents 1,600 tech companies at all stages in the leading tech markets worldwide. Over the past two years, Orrick has helped clients complete nearly 600 venture capital-backed transactions raising over $7 billion and closed private technology company mergers and acquisitions valued at nearly $10 billion. Most recently in London, Orrick's Technology Companies team advised WorldRemit in its $100 million Series B financing by Technology Crossover Ventures and Accel Partners; counseled Secret Escapes in its $60 million Series C financing led by Google Ventures and Octopus Investments; and represented Battery Ventures in its $330 million sale of Industrial Safety Technologies to Scott Safety, a subsidiary of Tyco.

In addition to Shawn, the Orrick team advising on the Iwoca investment was co-lead by London technology companies group associate Emma Raleigh, and included assistance in London by real estate partner Fiona Stone, employment law partner Nicola Whiteley, employment law of counsel Mandy Perry, technology companies group associates Stacy Kim and Dan Barry, London employment law associate Rachel Easter, and London trainees Laura Sekula and Rebecca Cousins.

In Germany, Dusseldorf M&A and private equity partner Sven Greulich, Munich capital markets partner Timo Holzborn, Munich capital markets associate Christopher Mayston, Munich technology companies group associate Nicolas Mähner and Dusseldorf M&A and private equity associate Johannes Rüberg provided counsel.

Related Lawyers

Shawn Atkinson Partner, Mergers & Acquisitions, Technology Companies Group

London

See my bio

D:+44 20 7862 4715
E: [email protected]

Practice:

Technology & Innovation Sector
Mergers & Acquisitions
Technology Companies Group
Fintech

vCard

See full bio

Shawn Atkinson Partner

London

In addition to sheer volume of deals, Shawn's incomparable market insight stems from his leadership roles at Orrick, the only global firm focused on technology, and his experience working throughout the UK & Europe, North America and Asia. Shawn leads Orrick's London Corporate practice, its Global Emerging Markets practice and co-leads the Global Fintech team and the Global Technology Companies Practice Group. These complement his practice serving public and private companies in UK multi-jurisdictional and complex corporate transactions, including countless acquisitions and disposals, cross-border mergers, bankruptcy infused asset sales, recapitalisations and reorganisations. He is also a recognised leader in late stage venture transactions and in early stage private equity transactions in Europe and the emerging markets.

Shawn also advises early stage businesses across a number of sectors – including insurtech, Fintech, Crypto, SaaS, EdTech, HRTech, Marketplace and EnergyTech. He assists them from incorporation through to M&A exit, initial public offerings and other growth opportunities. His participation in the private equity and venture capital sector spans his entire career - with time spent in private practice, in-house and advising investors as well as investor-backed businesses-and affords him a deep knowledge and understanding of the industry and client needs and expectations.

Among the leading investment funds he has represented are ABN Amro Ventures, Acton Capital Partners, ABRY Partners, Accel Partners, Apax Partners, Bain Capital, Balderton Capital, Battery Ventures, Beringea, Bessemer Venture Partners, Black Pearls VC, Black Sheep Ventures, BMWi Ventures, Coatue Management, Columbia Capital, CommerzVentures, Evolvence, FTV Capital, Golden Gate Capital, Stepstone Group, Headway Capital Partners, Innova Capital, Kinnevik, KPS Capital Partners, Marlin Equity Partners, Mangrove Capital Partners, M/C Partners, One Peak, Oxx, Pearson Ventures, Piper Private Equity, Piton Capital, Salesforce Ventures, Sprints Capital, Summit Partners, Updata Partners, VNV Global and VEF.