Online lending startup Iwoca claims to have overtaken HSBC and Santander in the small business overdraft market in the UK.

Iwoca said that analysis of data it had obtained from industry body UK Finance showed that it had a 12% share of new small business overdrafts in the fourth quarter of 2018. That compared to 9% for Santander and 11% for HSBC. RBS led the market with 30% of new openings.

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