© 2017 Bloomberg Finance LPUK Finance data reveals that small business lender iwoca provided a staggering 3,802 credit lines of the 31,014 approved by all lenders in Q4 2018, equating to 12 percent of all new business overdrafts offered and a two percent increase from the previous quarter. This result followed iwoca overtaking big lenders such as Santander, which has a market share of nine percent and HSBC, 11 percent. Of the big five, Barclays accounts for 15 percent; Lloyds, 20 percent and leading, is RBS with 30 percent. “These are the businesses that have less than 10 employees and they have been chronically underfunded and are still today. Regional UK Finance data shows that iwoca’s volume of approved credit facilities equated to 19 percent in London and 15 percent in the North West and South East.

Source: Forbes April 25, 2019 00:00 UTC