The company becomes the first business lender to connect with any of the UK’s nine largest banks under the Open Banking initiative, launched in January 2018.
By linking their Lloyds Bank data, business owners can now provide iwoca up to five years of transaction history with a few quick clicks of a mouse. This speeds up the lender’s already swift application process even further for Lloyds customers, reducing the time they spend submitting bank information to less than 60 seconds.
iwoca was an early participant in the Open Banking initiative, forming a dedicated Open Banking team in January 2018 to seize on the opportunities the initiative can create for its customers.
iwoca provides loans of up to GBP 200,000 to small and micro businesses across the UK, Germany and Poland via its website and through partner integrations using its proprietary Lending API and now in the UK through the Open Banking API.
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