The FCA has officially registered Salad as an Account Information Services Provider (AISP), marking a significant milestone in the financial services sector. The accreditation allows Salad to directly access applicants' Open Banking data, with their consent, without relying on a licenced third-party provider. This data access enables Salad to make fair and informed lending decisions, utilising its proprietary machine-learning system for analysis. The company’s internal processes, supported by a growing team, provide insights into applicants’ income and expenditure patterns, ensuring responsible and tailored financial services.
Tim Rooney, CEO of Salad Finance, highlighted the rigorous effort behind the achievement. He stated that AISP registration requires a business to demonstrate it meets very high standards across multiple areas, and that it has taken Salad almost a year of effort to secure the first AISP licence the FCA has ever granted to a CDFI lender. The company can now move forward with plans that will boost its customers’ financial resilience.
The AISP licence signifies that Salad’s security systems and processes meet stringent regulatory standards. This certification aligns with its commitment to safeguarding customer data and upholding high compliance standards under Consumer Duty.
With the licence in place, Salad aims to expand its capabilities, particularly in offering upgraded forbearance options for customers at financial risk. By holding its own AISP licence, Salad is reportedly positioned to deliver innovative, customer-focused lending solutions while fostering greater financial resilience among its client base.
This milestone underscores the evolving role of Open Banking in fostering inclusive financial services. Salad’s achievement sets a precedent for other CDFIs, demonstrating the potential for community-focused lenders to adopt advanced financial technologies while maintaining a strong commitment to security and fairness.
Salad Finance continues to leverage its expertise and proprietary systems to lead the way in ethical lending practices, solidifying its reputation as a pioneer in the UK’s financial services landscape.
In January 2024, the company partnered with UK-based D One to provide its Open Banking services for the optimisation of the latter’s lending decision-making.
In February 2023, the social impact fintech secured a GBP 40 million debt facility with a US-based credit fund to help unlock loans for NHS and public sector workers.
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