US credit reporting giant TransUnion has completed its acquisition of 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 owned 30% of the equity of Monevo after acquiring a minority stake in 2021 for an undisclosed sum. It recently agreed to acquire the remaining ownership position from Quint Group Limited.
鈥淲e are delighted to welcome Monevo into the TransUnion family,鈥� said Steve Chaouki, president, US markets at TransUnion. 鈥淲e anticipate that Monevo鈥檚 platform will enhance our portfolio and our proposition to lenders.聽
鈥淧requalification, or eligibility, is critical to the consumer lending process, which supports our mission to make trust possible in global commerce and helps us to deliver on our wider goal of using 鈥榠nformation for good鈥�.鈥澛�
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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.聽
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.聽
鈥淭oday Monevo powers credit distribution for some of the world鈥檚 largest banks and lenders, achieved through a world-class technology platform and powerful, mutually beneficial relationships in both the US and UK markets,鈥� said Greg Cox, founder & CEO of Quint Group and Monevo (pictured).聽
鈥淭his acquisition is the natural next step for Monevo. With TransUnion, we expect that the business will be able to leverage new resources and access new markets, allowing it to continue to realise its potential and improve access to credit on a global scale.鈥�
The terms of the transaction were not disclosed.