By securely linking their Lloyds Bank data, business owners can now provide iwoca up to five years of transaction history in just a few minutes.

This will speed up the lender’s application process for Lloyds customers, reducing the time they spend submitting bank information to less than 60 seconds.

Since the implementation of Open Banking, iwoca has formed a dedicated Open Banking team to seize on the many opportunities the initiative can create for customers.

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“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,” said Christoph Rieche, CEO and co-founder at iwoca (pictured above).

Christoph added that he was excited about the potential for Open Banking.

“It brings us closer to our vision of making business loans as easy as booking a flight online.

“Plus, we believe it will help us take a big leap towards achieving our goal to fund one million small businesses – 100,000 of them in the next five years.”