Credit card startup Yonder has partnered with Open Banking platform Yapily to provide consumers access to credit without needing a UK credit score.

With the customer’s consent, Yapily Data enables Yonder to fetch individual bank account information and analyse factors such as income and expenses to create a more holistic credit profile. This has the potential to transform access to finance for millions of ‘credit invisibles’; the expat finding it difficult to open a bank account; the immigrant struggling to rent a property; the young person who has not yet established a credit record.

In addition to higher approval rates, Yonder customers will benefit from no currency exchange fees when spending abroad, access to lifestyle rewards, and a way to build their credit score by making monthly payments on time. Powered by Yapily Payments, Yonder customers will also benefit from using a direct, instant, and more secure account-to-account Open Banking payment method when paying off their credit balance.

According to recent research by Experian, over 5 million people in the UK have little to no credit history, reducing their access to mainstream financial services. Together, Yonder and Yapily are addressing this problem by creating a more accurate, complete, and fairer way to assess a consumer’s financial footprint with Open Banking.