TransUnion supports British FinTech Monevo

Global insights and credit reporting company TransUnion invested an undisclosed amount in the personal loan platform Monevo Advance solutions that help lenders and aggregators work together more efficiently, such as: a Press release on Wednesday (October 6th).

Monevo, a subsidiary of the Quint Group, is part of several different companies active in the consumer finance space. TransUnion will join Monevo’s board of directors as part of the investment.

The API of the FinTech platform Monevo, headquartered in the UK, enables lenders to provide consumers with personalized loan offers through comparison websites and other third parties. Monevo’s centralized infrastructure operates in the UK, US, Poland and Australia, providing technology, decision making and integration to deliver ideal results for the consumer.

Because consumer lending is focused on prequalification, pre-approved offers have a higher likelihood of approving consumers at the stated rates. Prequalification also gives people the ability to easily search for personalized credit products while also ensuring that multiple proficiency checks do not negatively impact creditworthiness.

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

Saha added that the combined company will also “leverage TransUnion’s data, analytics and decision-making capabilities.”

Monevo works with granular data and predictive models to enable credit providers to review and accept more applications quickly while helping consumers find the best products.

TransUnions Steve Chaouki, President of US Markets and Consumer Interactive, said the partnership with Monevo will create new products for individuals and businesses.

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

Read more: TransUnion on Insurers Using Behavioral Analytics to Improve Safety and Conversion Rates

Greg Cox, CEO of Monevo, said the company is committed to improving access to credit by providing key technologies and infrastructures that can “advance credit distribution globally.”