Fintern, a UK-based digital consumer lender, has launched its services to tap the market segment underserved by mainstream banks.
The company seeks to provide low cost personal loans of up to £5,000 to customers rejected by conventional banks.
Go deeper with GlobalData
According to a company statement, Fintern will leverage AI, Open Banking and transparent affordability testing to make lending decisions, instead of focusing on customer credit scores.
The launch comes a month after FCA green lighted Fintern as a regulated consumer credit lender.
Fintern co-founder and CEO Gerald Chappell said: “Currently, lenders either lend money or don’t, and then don’t engage with the borrower again until the loan terms ends or payments are missed.
“Our success as a lender lies in the ability of our customers to repay their loans. Our AI-powered technology helps us and all our customers to understand their finances in a deeper, more hands-on way than ever before.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“This approach allows us to increase approval rates, lower APRs and empower our customers to make the best and most responsible borrowing decisions for them.”
The company aims to serve half a million consumers in the UK by 2025.
Chappell added: “Over the next 4-5 years, we intend to rapidly grow in the UK building a £1bn loan book alongside broadening our product range and considering expansion to other geographies.”
