New York-listed TransUnion has announced it has taken a stake in a fintech firm based at Alderley Park.
The global insights and information company has taken a stake in Monevo, a platform that allows lenders to deliver highly personalised credit offers to consumers via comparison sites.
The Alderley Park based fintech operates primarily in the UK and UKS as well as Poland and Australia with centralised infrastructure to help lenders and aggregators work efficiently together to deliver the best offers to customers.
Satrajit ‘Satty’ Saha, chief executive of TransUnion in the UK, said:
“We’re pleased to make this investment and enter into a global strategic partnership with Monevo, expanding our offering to finance providers and aggregators to help them better serve their customers.
“Harnessing the synergies between the two businesses, we can leverage TransUnion’s data, analytic capabilities and decisioning expertise alongside Monevo’s market-leading technology platform, extensive partner distribution network and expert team.”
Greg Cox, Monevo chief executive, said:
Our mission has always been to improve access to credit by providing the technology and infrastructure to power credit distribution globally.
“By partnering with TransUnion, which owns and operates key services and infrastructure in the credit ecosystem and serves a large global base of relevant clients, the potential of this investment for Monevo is huge.
“Both parties share a similar ethos for innovation and empowering consumers to make better credit decisions and we’re extremely excited to work with the team at TransUnion to realise Monevo’s growth potential over the years ahead.”
Monevo is a subsidiary of Quint Group, which comprises a number of different businesses that serve consumer finance markets. As part of the investment, TransUnion will join Monevo’s board and provide dedicated resource to support long term growth objectives. The scale of TransUnion’s investment in the Alderley Park fintech has not been disclosed.
Squire Patton Boggs advised TransUnion on the deal.