Array Partners with FICO to Address Growing Demand for Embedded Finance Products

Rhea-AI Summary

FICO and Array have entered a multi-year agreement to integrate FICO^® Scores into Array's financial management platform. This partnership aims to enhance consumer access to crucial credit information, aiding financial planning for home mortgages, car loans, and credit cards.

The integration will leverage data from major credit bureaus in the U.S., allowing over 90% of top lenders to offer FICO^® Scores. According to Juniper Research, embedded financial services revenue is projected to surge from nearly $65 billion in 2022 to over $183 billion by 2027, indicating strong market growth potential for this collaboration.

Positive

• Agreement with Array enhances FICO's reach to millions of consumers through credit score integration.
• Access to FICO^® Scores will bolster customer loyalty and financial health awareness.
• Collaboration enables Array to provide credit data from major U.S. credit bureaus.

Negative

• None.

Agreement brings FICO^® Scores to industry-leading private-label credit, identity and privacy management platform

LAS VEGAS--(BUSINESS WIRE)-- Fintech Meetup--Array, a leading financial innovation platform, announced a multi-year agreement with leading analytics software firm FICO (NYSE:FICO) that will provide FICO^® Scores and credit data to the millions of consumers that use Array’s product platform.

A consumer’s FICO^® Score and the underlying factors behind that score are critical information that customers need to plan for their financial futures. FICO^® Scores are used to help consumers gain access to the credit they need for home mortgages, car loans, credit cards and more. By providing access to their FICO^® Score, financial institutions, fintechs and digital brands can help consumers better understand and manage their fiscal health and, in the process, build a strong relationship with them. Building customer loyalty is increasingly important as the fast growing financial services market undergoes unprecedented fragmentation amidst the arrival of new competitors.

“There are tens of thousands of banks, credit unions, fintechs and other brands that are interested in embedding financial services products in their digital experiences, but lack the resources to develop them,” said Geoff Smith, vice president and general manager, Consumer Scores at FICO. “Array has earned the trust of these companies by offering credit report data and tools that fit seamlessly within their websites and mobile apps. Now these clients can offer their customers access to their FICO Score and to FICO^® Score tools and educational content in that same environment.”

A new study from Juniper Research has found that revenue from embedded financial services will exceed $183 billion globally in 2027; increasing from just under $65 billion in 2022. This agreement will allow Array to provide FICO^® Scores based on data from any of the major credit bureaus in the U.S. as part of the company’s private-label credit, financial management and privacy tools. FICO^® Scores are used by 90% of the top lenders in the U.S. Array’s embeddable products can be used by financial institutions, fintechs and other brands within their own platforms to provide customers with access to critical credit report and FICO^® Score information in a simple, digestible way.

“FICO is one of the top brands in financial services, and the number one credit score when it comes to consumer awareness,” said Martin Toha, Founder and CEO of Array. “Our partnership with FICO delivers on our promise to provide valuable data with the experience that people want, and it provides banks, credit unions and fintechs with an embeddable solution to enable them to offer FICO^® Scores to meet the growing demand for credit score data.”

About Array
Array fuels financial progress for many of the world’s leading fintechs, financial institutions, and digital brands with a suite of credit, financial management, and privacy tools. Our private label products can be easily embedded into an existing, branded digital experience, enabling our clients to become a one-stop shop of financial services.

Array drives engagement and revenue for our clients, helps them stand out in a crowded market, and forge deeper relationships with their customers. More than a suite of products, we’re building a platform to help consumers own their financial future, protect their identity, and maintain digital privacy, all in one place.

Array was founded in 2020 by Martin Toha and Phillip Zedalis. Key investors include Battery Ventures, General Catalyst, and Nyca Partners. To learn more visit array.com.

About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in nearly 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions rental cars are in the right place at the right time. Learn more at https://www.fico.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230320005095/en/

Media

Rob McMurtrie

Senior Director, Corporate Communications

press@array.com

Julie Huang

press@fico.com

+1 510-621-9832

Source: Array

FAQ

What is the significance of the FICO and Array agreement?

The FICO and Array agreement allows millions of consumers access to FICO^® Scores, enhancing financial planning and credit management.

How will the partnership affect FICO's business?

This partnership is expected to increase FICO's market presence and drive revenue growth through embedded financial services.

What does the research from Juniper Research indicate about the market?

Juniper Research predicts that global revenue from embedded financial services will grow from $65 billion in 2022 to over $183 billion by 2027.

How does Array benefit from the FICO collaboration?

Array can now offer FICO^® Scores to its clients, enhancing its private-label credit and financial management solutions.

When was the FICO and Array agreement announced?

The agreement was announced during the Fintech Meetup in Las Vegas.