US giant invests in Cheshire finech firm Monevo
New York-listed TransUnion has taken a stake in fintech Monevo, which is based at Alderley Park, in Cheshire.
TransUnion is a global insights and information company, while Monevo is a personal credit platform and API empowering lenders to deliver highly personalised credit offers to consumers via comparison websites and other third parties.
Operating primarily in the UK and US, 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.
The scale of investment in Monevo has not been disclosed.
Satrajit ‘Satty’ Saha, chief executive of TransUnion in the UK, said: “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.
“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 UK and the US, and through this commercial agreement with TransUnion can expand and improve its solutions.
TransUnion’s Steve Chaouki, president of US markets and consumer interactive, said: “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, Monevo chief executive, 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.
Squire Patton Boggs advised TransUnion on the deal.