By teaming up with Faciit, customers can save one-third of their credit loan requirements for at least three months via Faciit’s save-to-borrow solution. Faciit will provide the remaining two-thirds as competitive loans.

James Varga, CEO and founder of DirectID, commented: “We’re delighted to partner with Faciit to help new-to-country individuals access affordable credit using DirectID’s open banking-powered insights

“By using open banking, we can enable better access to financial services for everyone, regardless of their credit history or financial status”, Varga added.

Both companies have a shared history of promoting financial inclusion. In 2018, DirectID merged its open banking platform into B mobile banking app, allowing customers to conduct their banking tasks on one platform. In 2020, the company launched its collaboration with AI-powered Trust Stamp, effectively providing consumers and organisations with new open banking tools.

Faciit is an alternative lending solution for people struggling to access finance from mainstream sources because they have recently moved to the UK or have not built credit profiles over time.

Olaolu Olaleye, CEO and founder of Faciit, also welcomed the agreement with DirectID.

“Our name Faciit means we facilitate it, and it sums up our mission to help create financial possibilities for those who will struggle otherwise”, Olaleye said. “We are excited to partner with DirectID to deliver our complimentary missions of enabling financial inclusion.”