UK-based Monevo, a personal credit platform and API, has secured undisclosed investment from TransUnion.
Monevo leverages technology to facilitate a global personal credit marketplace. It provides a centralised infrastructure, with technology, decisioning and integration, which is said to allow lenders and aggregators to work together.
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Through granular data and predictive modelling, its solutions aim to enable credit providers to review and accept applications in large numbers.
Monevo’s operations span across the US and the UK along with Poland and Australia.
It seeks to expand and improve its solutions through this commercial agreement with TransUnion.
TransUnion CEO in the UK Satrajit Saha said: “We are 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.”
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By GlobalDataMonevo, which is a subsidiary of Quint Group, counts over 100 lenders among its clients.
Its API and white label solutions enable them to offer personalised credit from Monevo’s network of banks.
Monevo CEO Greg Cox said: “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.”
