TransUnion Backs UK FinTech Monevo

Global insights and credit reporting firm TransUnion has invested an undisclosed amount in the personal credit platform Monevo to advance solutions to help lenders and aggregators work together more efficiently, according to a press release on Wednesday (Oct. 6).

A subsidiary of Quint Group, Monevo is part of several different businesses that serve the consumer finance space. TransUnion will join Monevo’s board as part of the investment.

Headquartered in the U.K., FinTech platform Monevo’s API enables lenders to deliver personalized credit offers to consumers by way of comparison websites and other third parties. Operating across the U.K., U.S., Poland and Australia, Monevo’s centralized infrastructure offers technology, decisioning and integration to bring consumer-ideal outcomes.

Because consumer lending centers on pre-qualification, pre-approved offers show an improved likelihood that consumers will be approved at the rates shown. Pre-qualification also gives people the ability to look for personalized credit products with ease, while making sure that multiple eligibility assessments don’t negatively impact credit scores.

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Satrajit “Satty” Saha, CEO of TransUnion in the U.K., said that the company will benefit from Monevo’s platform, workforce talent and distribution network.

Saha added that the combined entity will also “leverage TransUnion’s data, analytic capabilities and decisioning expertise.”

Monevo works using granular data and predictive modeling to empower credit providers to quickly review and accept more applications while helping consumers pinpoint the best products.

TransUnion’s Steve Chaouki, president of U.S. markets and consumer interactive, said that its partnership with Monevo will bring about new products for individuals and corporations.

“For example, we will be able to incorporate targeted offers into our CreditView product and offer our consumer platform to Monevo’s existing customer base,” Chaouki said.

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Greg Cox, CEO of Monevo, said that the company strives to enhance credit access by providing key technology and infrastructure that can “power credit distribution globally.”