US credit reporting giant TransUnion has signed a deal to acquire Cheshire FinTech Monevo.
Monevo, headquartered in Alderley Park, is a credit prequalification platform that empowers lenders and banks to deliver personalised credit offers to consumers via comparison websites and other third parties.
TransUnion currently owns 30% of the equity of Monevo after acquiring a minority stake in 2021 for an undisclosed sum. It has agreed to acquire the remaining ownership position from Quint Group Limited.
“We are committed to making trust possible in global commerce by ensuring consumers and organisations can transact with confidence,” said Todd Skinner, president, international, TransUnion.
“Prequalification, or eligibility, is an integral part of the consumer lending process. It drives financial inclusion and responsible lending by helping consumers find more suitable products in less time.”
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Working with over 150 banks and credit providers globally, Monevo provides centralised technology and decisioning infrastructure which integrates lenders and publishers, allowing them to deliver better outcomes for consumers searching for credit online.
Those consumers are able to see the likelihood of being approved for credit products before applying with lenders, saving time and removing unnecessary searches which potentially adversely impact their credit scores.
“I founded Monevo to improve access to credit for consumers through technology, and today it is powering credit distribution for some of the world’s largest banks and lenders,” said Greg Cox, CEO of Quint Group and Monevo (pictured).
“This acquisition is the natural next step in Monevo’s future growth and success, and would unlock new opportunities to innovate by uniting these two complementary businesses, whose values are already strongly aligned.”
The terms of the transaction were not disclosed. It is expected to close by Q2 2025, subject to the satisfaction of customary closing conditions and regulatory approvals.