Experian announces partnership with Zopa Bank

Tuesday 7 February 2023 15:16 CET | News

US-based multinational data analytics and consumer credit reporting company Experian has partnered with Zopa Bank to provide customers with improved credit options.

Following this partnership, Experian Boost data will be included in Zopa Bank’s credit card decision process, aiming to improve customer experience by providing them with better rates and offering them reduced APR services for a fixed period of time. Customers can benefit from this feature regardless of whether they apply for a Zopa credit card through Experian, Zopa, or another site. However, the companies will provide their users with a reduced APR if they apply for a Zopa Credit Card using the Experian Boost data. 

Furthermore, they can connect to Experian Boost via Open Banking1 in order to add new real-time relevant information and data voluntarily. This will allow customers to take control of their credit stores.

US-based multinational data analytics and consumer credit reporting company Experian has partnered with Zopa Bank to provide customers with improved credit options.

Zopa’s services and products

Zopa is a British financial services company that offers multiple services to its client base, such as deposit accounts, loans, credit and debit cards, and more. 

Zopa Bank’s credit card was designed to offer its customers a suite of features and solutions. Included in them is the `Credit Cushion` option that offers customers the possibility to set aside some of their available credit balance for `rainy` days. They are also allowed to stay in control of their spending and to keep an eye on their balance through instant payment notifications and real-time updates. 

The application aims to make managing money easier, safer, and more efficient with options like seeing the PIN, instant freezing of the client’s cards, unfreezing the cards, adding cards to digital wallets, as well as downloading statements. 

Experian’s development strategy

The fintech company Experian had multiple partnerships and product launches recently. 

In January of 2023, the company announced its partnership with Credefi, a crypto peer-to-peer lending platform. Following this collaboration, Credefi was enabled to position itself as `Credefi – Powered by Experian`. 

The deal aimed to broaden Credefi’s reach and access to institutional-grade clients. It also formalised bilateral cooperation between the two companies. Moreover, it emphasised the standards the team strives to maintain in terms of service quality, and safety and security of its users and customers as well. 

Both of the companies focused on improving the Open Banking system and integrating better fintech application programming interfaces (APIs) while making the process of checking and adjusting Credefi’s scoring simpler and more efficient. 

Later that month, Experian launched a new CreditLock feature in order to help protect its customers in the context of rising cases of identity fraud. 

CreditLock was designed to allow customers and clients to lock their Experian Credit Report quicker and safer, using only one button. Experian decided to implement this new product to fight against online threats, such as fraud. The customers were able to activate the feature using a toggle switch direct in the application, or online.  

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: partnership, Open Banking, online banking, digital banking
Categories: Banking & Fintech
Companies: Experian, Zopa Bank
Countries: United Kingdom
This article is part of category

Banking & Fintech



Zopa Bank

Discover all the Company news on Experian and other articles related to Experian in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events