iwoca becomes first business lender to connect to UK bank via Open Banking


min read

iwoca becomes first business lender to connect to UK bank via Open Banking

red wedge
grey wedge
yellow dot
grey line with green square
blue square

We've become the first ever business lender to connect with any of the UK’s nine largest banks under the Open Banking initiative, launched in January 2018.

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 was an early participant in the Open Banking initiative, forming a dedicated Open Banking team in January 2018 to seize on the many opportunities the initiative can create for its customers. It was also recognised as a winner of the Open Banking-based Open Up Challenge for developing products deemed most likely to have a positive impact on UK small businesses in 2018 and beyond.

Imran Gulamhuseinwala, OBE, Implementation Trustee at the Open Banking Implementation Entity (OBIE), said: “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.”

Rieche continued: “But realising the great potential of Open Banking depends on the cooperation of each bank and on small business owners trusting and understanding the Open Banking process. Therefore, it’s critical for banks and Government to do all they can to enable and encourage the adoption of Open Banking. This will create greater competition in small business lending and, as a result, better, fairer services for small business owners.

“Ultimately, we’re 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 toward achieving our goal to fund one million small businesses – 100,000 of them in the next five years. More successful small businesses means vibrant local communities and stronger economic growth.”

iwoca provides loans of up to £500,000 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. With the use of award-winning technology, iwoca wants to make working capital more accessible to business owners across Europe, with a simple mission of expanding what’s possible for them.

Jamie Maddison has written for a range of publications including Lonely Planet, Geographical, Diplomat, and Hidden Europe.

Article updated on:
January 17, 2020

Get started

  • Borrow up to £500,000
  • Repay early with no fees
  • From 1 day to 24 months
  • Applying won't affect your credit score
Apply now
red line and yellow circle

Other finance related topics

Lorem ipsum dolor sit amet, consectetur adipiscing elit.

View all
Alternative business funding

Supply chain finance

Supply chain finance plays a crucial role in the success of businesses in the UK. It involves various financial techniques and solutions that help optimise the movement of goods and funds along the supply chain. By understanding the basics of supply chain finance, businesses can unlock potential opportunities and drive growth in the competitive market.


Management buyout

A management buyout (MBO) is a well-known strategy in the business world that allows the existing management team to take control of a company by purchasing either all or a majority of the company's shares from its current owners. In the UK, management buyouts have gained significant popularity as a means of acquiring and managing businesses.

Alternative business funding

Property refurbishment loans

In today’s competitive real estate market, property refurbishment has become an increasingly popular strategy for investors looking to maximise their returns. However, undertaking a renovation project can often require a significant amount of capital upfront. This is where property refurbishment loans come in to provide the necessary funding. In this article, we will explore everything you need to know about these loans and how they can help turn your property investment dreams into a reality.

light blue wedge

Let’s get started

Applying won’t affect your credit score

Need help? Call us:

Get approved in 24 hours

Applying won’t affect your credit score

What's next?

  • Apply in 5 minutes
  • Meet your account manager
  • Get money in the bank in hours

Need help? Call us:

No items found.