Experian to acquire illion

Taking into consideration that Australia is Experian’s fifth-largest region of operation by revenue, the company underlined that the Central Bank’s reforms increased the demand for analytical tools and data-driven services, supporting the expansion of its addressable market opportunity. According to Experian’s officials, regulatory reforms in Australia provided comprehensive data and open data services, while also widening the array of data assets, scores, and analytical insights being adopted by banks and other institutions. Some of Experian’s customers include banks, non-traditional lenders, and insurance providers, which leverage its credit reports and scores to analyse and decide regarding credit risk, fraud prevention, and lending terms for their clients.

Furthermore, Experian plans to fund illion’s acquisition via its existing cash resources, with the company expecting the deal to add nearly USD 115 million in the first year of ownership. Currently, the acquisition of subject to regulatory approval by the competition authority in Australia, with it being anticipated to conclude in the second half of 2024. Additionally, the move supports Experian’s commitment to delivering improved value and choice to its clients based in Australia and New Zealand. By acquiring illion, the company intends  to focus on helping its clients accelerate their adoption of digital services as, the combination of their services, would present a more complete suite for clients, including consumer bureau, commercial credit bureau, and capabilities in identity management.

The end of February 2024 saw Experian announcing its plans to add the pay-in4 BNPL loan information from Apple Pay in consumers’ credit reports. Intending to facilitate increased transparency and responsible credit reporting in the BNPL industry, the company included Apple Pay’s pay-in-4 BNPL loan information on consumers’ credit reports. This made Apple one of the first major BNPL providers to fully offer loan information and payment history directly to the agency.

Moreover, in January 2024, Experian launched a free savings scan tool to support users in identifying new savings capabilities. The company introduced a complimentary savings scan, developed to pinpoint potential savings related to eligible recurring bills and paid subscriptions.

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