Equifax partners with Spear Technologies for financial inclusion

Thursday 13 April 2023 10:41 CET | News

US-based data, analytics, and technology company Equifax has announced that its UK branch has partnered with Spear Technologies to facilitate access to BNPL products.


The goal of the partnership is to leverage data and technology to onboard more customers responsibly, using traditional credit data and transactional, Open Banking data. Credit and affordability checks for customers will enable Spear to provide access to credit in an underserved market, whilst building a better picture of their consumers’ financial health.

US-based data, analytics, and technology company Equifax has announced that its UK branch has partnered with Spear Technology to facilitate access to BNPL products.

Coping with the increased cost-of-living

Officials from Equifax said that with the cost-of-living crisis putting UK households under financial pressure, the importance of lenders using data to build knowledge on their customers cannot be overstated, which is why they’re excited to be working with Spear Technologies, an important player in short term credit products and BNPL.

Equifax further added that collaborations like this are critical for both the lender and the consumer. Their own research has revealed that there is a clear need for greater transparency regarding consumers’ credit and affordability risks within the industry, especially as people seek short-term loans or alternative credit facilities to ease financial stress. As a result of this collaboration, Equifax will have more consumer information including for customers who are thin file or from underserved segments, using which we will be able to drive better consumer outcomes.

Also commenting on this partnership, representatives from Spear technologies said that this collaboration with Equifax could not come at a better time for them as they consider future opportunities in the near prime market. As Spear Technologies looks ahead to their own expansion, data will play a critical role in funding this key audience. Their customers remain the top priority and preventing them from becoming indebted is critical.

Spear Technologies concluded that through this partnership, they can continue to provide finance to those who would not otherwise have access to this type of lending whilst also ensuring that we are keeping their best interest at the forefront.

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Keywords: financial inclusion, BNPL, financing , lending, partnership, risk management
Categories: Payments & Commerce
Companies: Equifax, Spear Technologies
Countries: World
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Payments & Commerce



Spear Technologies

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