Aro partners with Plend

Wednesday 27 September 2023 12:01 CET | News

Consumer lending marketplace Aro has announced its partnership with Plend in order to provide UK clients with optimised, accessible, and affordable finance.

Following this announcement, Aro will be incorporating Plend into its digital lending marketplace, which provides users and customers with personal loans, secured loans, credit cards, and other financial solutions. This will enable Plend’s clients to be connected with several lenders and service providers across the UK, as well as the opportunity to achieve their overall financial objectives. Aro’s data-driven matching platform was developed to ensure that more UK clients are offered optimised credit products. At the same time, it makes sure that they are only presented with capabilities and offers that meet their needs, preferences, and demands, as well as delivering them lenders applicants that reach their overall expectations and conditions.  

In addition to this, the collaboration is set to enable Aro to improve the manner in which customers gain access to the financial products they need by widening the pane of lenders and merchants that offer optimised credit solutions. 


Consumer lending marketplace Aro has announced its partnership with Plend in order to provide UK clients with optimised, accessible, and affordable finance.


Plend’s recent strategy of development

In March 2023, the UK-based company Plend announced its collaboration with Open Banking provider GoCardless in order to deliver variable recurring payments (VRPs) with the use of the latter’s Instant Bank Pay feature. Plend aimed to offer clients an increased overall flexibility over their loan repayments. At the same time, it was set to use VRPs and combine them with the GoCardless Direct Debit service so that it could provide customers with more payment choices. 

According to the press release published at the time, the flexible nature of the variable recurring payments (VRPs) focused on enabling users and individuals to change their payment schedule so that it suited their personal financial situation in an easier and more efficient manner. As the variable recurring payments were designed to offer instant transaction confirmation and to facilitate money movement in a more expedited way, they also prioritised the process of enabling users to have an up-to-minute view of their finances. At the same time, it also aimed to decrease the incidence of late payments or transactions. 

Earlier in 2022, Plend raised GBP 40 million in a seed funding round. The round included new investors, such as Active Partners, Sivo, and Velocity Juice. The company planned to use the investment in order to rebuild the outdated and backward credit system, as well as to improve the process of scaling the business. Plend was also set to focus on the acquisition of new clients via new partners, alongside reaching new audiences. 

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Keywords: partnership, mobile banking, online banking, digital banking, banking, financial services, financial institutions
Categories: Banking & Fintech
Companies: Aro, Plend
Countries: United Kingdom
This article is part of category

Banking & Fintech




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