TransUnion Invests in Monevo To Serve the Personal Credit Market
On October 6, 2021, TransUnion (NYSE: TRU) announced its investment in U.K.-based fintech Monevo. This partnership aims to enhance credit offer delivery to consumers through advanced technology and analytics. Monevo specializes in personal credit platforms and APIs, operating in markets including the U.K., U.S., Poland, and Australia. The collaboration is expected to improve financial inclusion and responsible lending by utilizing granular data and predictive modeling. TransUnion will join Monevo's board to support long-term growth and innovation in the consumer credit sector.
- Strategic investment in Monevo enhances TransUnion's credit offering capabilities.
- Partnership expected to improve financial inclusion and responsible lending.
- TransUnion's data and analytics complement Monevo's technology platform.
- None.
CHICAGO, Oct. 06, 2021 (GLOBE NEWSWIRE) -- TransUnion (NYSE:TRU), a global insights and information company, today announced its investment in U.K.-based fintech Monevo – a personal credit platform and API empowering lenders to deliver highly personalised credit offers to consumers via comparison websites and other third parties.
Eligibility, also known as pre-qualification, is an important part of consumer lending. Pre-approved offers, or an indication of the likelihood of being approved at the rates shown, enable consumers to shop for personalised credit products with ease, while ensuring multiple eligibility assessments do not adversely impact an individual’s credit score.
Operating primarily in the U.K. and U.S., as well as Poland and Australia, Monevo provides centralised infrastructure, with the technology, decisioning and integration to allow lenders and aggregators to work efficiently together to deliver the best possible consumer outcomes.
“We’re pleased to make this investment and enter into a global strategic partnership with Monevo, expanding our offering to finance providers and aggregators to help them better serve their customers,” said Satrajit “Satty” Saha, CEO of TransUnion in the U.K. “Harnessing the synergies between the two businesses, we can leverage TransUnion’s data, analytic capabilities and decisioning expertise alongside Monevo’s market-leading technology platform, extensive partner distribution network and expert team.”
Using granular data and predictive modelling, Monevo’s solutions enable credit providers to review and accept more applications. This helps consumers find the most suitable products, supporting financial inclusion and responsible lending. Monevo is well-established in this space in both the U.K. and the U.S., and through this commercial agreement with TransUnion can expand and improve its solutions.
TransUnion’s Steve Chaouki, President of U.S. Markets and Consumer Interactive, added: “Monevo has driven fintech innovation in the consumer credit sector and our partnership will open up a broad range of new opportunities serving both consumers and businesses. 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.”
Greg Cox, CEO of Monevo said: “Our mission has always been to improve access to credit by providing the technology and infrastructure to power credit distribution globally. By partnering with TransUnion, which owns and operates key services and infrastructure in the credit ecosystem and serves a large global base of relevant clients, the potential of this investment for Monevo is huge. Both parties share a similar ethos for innovation and empowering consumers to make better credit decisions and we’re extremely excited to work with the team at TransUnion to realise Monevo’s growth potential over the years ahead.”
Monevo is a subsidiary of Quint Group, which comprises a number of different businesses that serve consumer finance markets. As part of the investment, TransUnion will join Monevo’s board and provide dedicated resource to support long-term growth objectives.
For further updates visit www.transunion.com
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good®. TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people in more than 30 countries.
About Monevo
Monevo is a B2BC Personal Credit Platform and API (application programming interface) that operates in the U.K., U.S., Poland and Australia. Monevo provides the infrastructure, technology, decisioning and relationships to facilitate a highly complex global personal credit marketplace that is growing rapidly. Monevo powers personal credit comparison and search for some of the world’s leading financial services brands. Its API and white label solutions empower Partners to offer their customers personalised credit offers from Monevo’s integrated network of lenders and banks. Monevo is used by over 100 lenders and banks globally to distribute personal loans and credit cards.
www.monevo.com
Further Information:
Dave Blumberg
Senior Director of Public Relations, U.S. & International
David.Blumberg@transunion.com
312-985-3059
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