SavvyMoney acquires CreditSnap to broaden fintech offerings

SavvyMoney, a provider of credit score solutions, has broaden its services to over 1,460 banks, credit unions, and fintech companies nationwide. The core of SavvyMoney's offerings is the integration of real-time data with advanced digital personalisation and marketing tools, which work with more than 40 digital banking platforms.

The acquisition of CreditSnap marks an important milestone for SavvyMoney as it aims to build a flexible, digital-first platform that complements every stage of the consumer financial journey. By integrating CreditSnap's technology, the company plans to strengthen its collaborations with existing Loan Origination Systems (LOS) and account opening platforms, ultimately delivering value to both partners and customers.

Financial institutions can now provide a simplified, end-to-end experience by leveraging SavvyMoney's demand-generation capabilities alongside CreditSnap's adaptable integration process. This collaboration offers personalised credit insights and an easy application and booking experience, all through a single, unified platform.

Key benefits of CreditSnap

• Integrates with over 73 loan origination, core, and digital banking systems;

• Reduces loan application time from 12 minutes to 2 minutes;

• Reports indicate a 20–40% increase in loan volume, with deposit funding rates reaching up to 78%.

CreditSnap's modular technology has empowered numerous credit unions and banks to revamp their digital origination processes, increasing operational efficiency. The platform integrates with existing lending and deposit frameworks, allowing financial institutions to optimise their consumer experience without the need to completely overhaul their current systems.

Both companies share a mission to improve financial access and outcomes. They aim to achieve this by leveraging modern technology, creating user-friendly experiences, and providing robust integration capabilities that reduce friction in the lending and borrowing processes.