Posted on March 27, 2019 by staff

FinTech launches AI loan comparison service


Loan marketplace Monevo has launched a new platform to give consumers comparisons of pre-approved loans.

Based in Macclesfield, the business is a licensed credit broker for personal and business loans and is Europe’s largest personal loan marketplace.

The site has now launched a new platform which gives consumers access to a range of pre-approved lending options from across the whole market.

Originally designed for the US market, the platform uses artificial intelligence, machine learning and deep integrations with over 150 lenders and banks globally.

The ‘ground-breaking new solution’ empowers brands to create fully integrated credit solutions within their apps or website by harnessing the power of Monevo’s API.

The firm recently secured a £16.5m financing deal from NatWest Bank.

“Monevo has always been committed to creating FinTech that ultimately improves consumers’ access to the right credit,” said Greg Cox, co-founder and CEO of Quint Group.

“Credit Staq ensures consumers find the right credit product for them quickly and easily and gives brands the opportunity to connect their customers with market leading pre-approved loan comparison and search.”

“It also gives banks a new opportunity to offer their consumers a wider personal loan proposition for customers they are currently unable to service, increasing customer satisfaction and maintaining brand loyalty.”

Monevo is part of Quint Group, the Macclesfield headquartered FinTech company.

Tim Kirby, group commercial director at Quint Group, added: “Credit Staq is about getting consumers the right deal quickly and easily.

“Consumers want the technology to do all of the heavy lifting for them and to provide them with the best options to make an informed decision in an online environment they trust.

“Our innovative platform searches the whole of market to serve them personalised, pre-approved loan options in minutes.

“In 2019 consumers want and expect online marketplaces and challenger banks are already proving that customers want access to alternative products through their banking relationships.

“Mainstream banks currently have a huge opportunity to offer this type of experience to their customers and risk being left behind if they do not leverage Monevo’s unrivalled infrastructure and intellectual property through Credit Staq.”