In something of a first for Open Banking, small business lender iwoca has joined force with Lloyds Bank.
The first of its kind with any of the UK’s nine largest banks under the Open Banking initiative, which was launched back in January 2018, the new service allows business customers to securely link their Lloyds Bank data - up to five years of transaction history - to iwoca. The process just takes “a few clicks of mouse”, the firm said.
Imran Gulamhuseinwala, Implementation Trustee at the Open Banking Implementation Entity, says that products and services powered by Open Banking will, in time, transform the way people and businesses access financial services in the UK.
"iwoca has seen and seized the opportunities that Open Banking can bring and has been a key player within the ecosystem from the start – engaging with banks and collaborating with other third party providers."
"Its successful connection to Lloyds Bank is another milestone in the Open Banking era and will help revolutionise the way small businesses access financial services. I'm excited to see iwoca's work continue as they open up Open Banking integrations with other providers in the future.”
Christoph Rieche, CEO and co-founder, iwoca said: “Open Banking means high street banks no longer have a monopoly on transaction data. As a result, it’s now easier for small businesses to shop around and find the best financial service to meet their needs, without worrying about the brunt of loan application processes. With Open Banking, getting approved with iwoca is as fast as it is to drink your morning cup of coffee.”
“We worked closely with the Open Banking Implementation Entity and Lloyds Bank to deliver this integration, and we aim to launch future integrations with Barclays,HSBC,RBS, Santander and others within the coming weeks.”
Launched in 2012, iwoca provides loans of up to £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.