Iwoca's  Million Customers' Case Study Accounting Assignment Help

Assignment Task

Read the case study and answer the following questions: 
Iwoca's stated mission Is to 'to make financing available to a million customers'. Drawing on evidence from the case study evaluate their mission statement against the 'six successful tests of a mission statement (Wilson and Gilligan, 2005). (30 marks) 2. What might have been the advantages and disadvantages to Iwoca In raising Investment through family and friends as opposed to other forms of finance? (25 marks) 3. Describe five external business environment challenges which might affect Iwoca's business model. Struggling to get finance? I know just how that feels Christoph Rieche is the boss of Iwoca, a lender that believes simplicity Is the way to help small businesses Eight years ago, Christoph Rieche decided to give up a plum role at Goldman Sachs to start a small business lender. It gave him an Instant Insight Into exactly the kind of problems that many of his Intended customers were facing. In need of capital to offer to prospective borrowers but without the track record to secure wholesale finance, Mr Rieche turned to friends and family. started by tapping mates for about £20,000. Then the loan book was growing, so you need more. There would be that look in the eyes, don't r" it up. had a family member who said, 'It give you £100,000, but I need it back [soon] because I'm buying a house.' I thought, 'If I screw this up and they can't buy their house, it will be dreadful forever.'' It hasn't been dreadful. Fortunately for Mr Rieche and his benefactors, Iwoca, his company, has made such progress that it relies on Institutions including NIBC Bank and Shawbrook Bank for its capital. And from the germ of an idea, Iwoca has grown to lend more than £1 billion to nearly 30,000 small companies. Other aspects of the business have changed remarkably little, not least Mr Rieche's outlook since he founded the business In 2011 with James Dear, a former Deutsche banker. We saw that small businesses have an acute challenge accessing finance, which means a big drag on productivity In the UK and other economies. That thought, which made me start the business, Is still what gets me out of bed today. We want to be that bridge so that the business owner can sleep better." According to banks, small business lending has been muted since the financial crisis because there Is a lack of demand. They cite surveys suggesting a long-term trend towards companies wanting to expand under their own steam rather than take on debt. 

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