Online lender connects to Lloyds business customers via Open Banking
(31 October 2018 – United Kingdom) Small business lender Iwoca has become the first online lender to take advantage of new Open Banking rules, connecting with Lloyds Bank to enable customers to submit their transaction history.
By securely linking their Lloyds Bank data, businesses can now provide iwoca up to five years of transaction history with a few clicks of the mouse, speeding up the lender’s already swift application process.
Iwoca provides short term loans to small and micro businesses across the UK, Germany and Poland, lending more than £550 million since its launch in 2012.
Christoph Rieche, CEO and co-founder says future integrations with Barclays, HSBC, RBS and Santander are already in the pipeline and will be switched on within the coming weeks.
The move to Open Banking is likely to accelerate in the coming months in the wake of a new out-of-the-box Data API release from TrueLayer, which removes the complexity for startups dealing with multiple banking integration protocols by providing a unified data sharing interface for all of the UK’s major banks including Barclays, HSBC, Lloyds, Santander and RBS, as well as challengers Monzo and Starling Bank.