Open Banking comes to small business lending with Lloyds and iwoca

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Iwoca has become the first small business lender to use Open Banking rules to connect with one of the UK’s largest banks, enabling customers of Lloyds Bank to submit their transaction history and apply for a loan.

By securely 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 provides short-term loans of up to £200,000 to small and micro businesses across the UK, Germany and Poland. Since launching in 2012, the company has lent more than £550

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