TransUnion acquires Monevo to improve lending services

This move follows January’s announcement regarding TransUnion signing of a definitive agreement to acquire the UK-based Monevo, a credit prequalification and distribution platform that supports lenders and banks to deliver personalised credit offers to consumers via comparison websites and other third parties. TransUnion had previously held 30% of the equity of Monevo after acquiring a minority stake in 2021.

Improving access to credit globally

Monevo’s platform enables comparison websites and other publishers to embed highly personalised credit offers, predominantly in the UK and the US markets. Monevo’s centralised technology and decisioning infrastructure integrates lenders and publishers, allowing them to deliver better outcomes to consumers who are searching online for credit offers. Those consumers can see their likelihood of being approved for credit products before applying with lenders, instilling confidence and removing unnecessary searches that have the potential to impact their credit scores adversely.

At the moment, Monevo supports credit distribution for some of the world’s largest banks and lenders, achieved through an industry-driven technology platform and mutually beneficial relationships in both the US and the UK markets. By integrating with TransUnion, it projects that the company will be able to leverage new resources and access new markets, allowing it to realise its potential and improve access to credit on a global scale.

Monevo’s proposition enables credit distribution for popular banks and lenders worldwide, supporting TrensUnion’s aim to improve access to credit for consumers. TransUnion predicts that the acquisition will improve its portfolio and position in the lending market. Eligibility is a critical step in the consumer lending process, and this purchase will strengthen this service, supporting TransUnion’s mission to make trust possible in global commerce and utilise Information for Good.

Information for Good is TransUnion’s initiative to utilise its data and analytic capabilities to help customers get loans at acceptable rates and support companies in better quantifying risk, as well as helping law enforcement catch criminals.