Monevo has announced the launch of credit card products on its UK platform, to help improve access to credit for UK consumers.
The leading personal credit platform and API – which is co-owned by Quint Group and TransUnion – empowers credit providers to deliver highly personalised credit offers to consumers via comparison websites and other third parties.
Adding credit cards to the products supported by the platform will allow new and existing credit providers to leverage the power and flexibility of Monevo’s platform to host and distribute their credit card products.
Adapting Monevo’s market-leading credit decisioning capabilities has been a crucial part of this development and has driven further integration with global insights and information provider TransUnion. New attributes will be available to providers, including TransUnion’s trended TrueVision data and affordability insights.
Dawn Wood, UK territory director at Monevo, said: “Launching credit cards feels like a natural progression for Monevo. It’s a great opportunity for our existing credit providers to widen their avenues of distribution with us, whilst also allowing new clients to take advantage of Monevo’s products and services for the first time. Partners can also increase their offering and develop new relationships with new consumers.”
Kelli Fielding, managing director of consumer interactive at TransUnion in the UK, said: "It’s important that consumers have access to credit that’s right for their needs and our latest research shows that of those planning to take out finance in the year ahead, credit cards are the most popular choice, cited by 48%. By supporting Monevo, we’re helping consumers find appropriately tailored pre-approved credit offers, in line with their individual financial situation.”
The new TransUnion data insights will give lenders a more detailed, accurate picture of an individual’s financial behaviour over a period of time, helping to ensure consumers are only taking on what they can manage responsibly whilst also supporting finance providers in reducing risk and enhancing customer relationships.
Greg Cox, co-founder and CEO of Monevo & Quint Group. added: “Monevo has always been committed to creating fintech that ultimately improves consumers' access to the right credit. Adding credit cards to our platform allows us to continue to deliver on our purpose of improving access to credit for consumers globally while addressing a huge market opportunity that I have no doubt will fuel further exciting growth over the next year.”
Monevo’s platform is already used by over 150 lenders and banks globally to manage, optimise and grow distribution of personal loans, auto loans and other credit products via third party comparison websites and financial apps.
