MoneyLion & Nova Credit team to expand consumer access to credit

By Gloria Mathias

MoneyLion Inc. (MoneyLion), a digital ecosystem for consumer finance, has announced a partnership with Nova Credit, a credit infrastructure and analytics company, to activate cash flow underwriting within MoneyLion’s hosted decisioning engine.

This collaboration will allow credit issuers on MoneyLion’s platform to integrate Nova Credit’s cash flow data analytics, providing a more comprehensive view of a consumer’s financial health and expanding access to credit.

MoneyLion is a digital finance ecosystem that powers distributable embedded marketplaces, enabling financial product providers to acquire consumers at scale.

By partnering with Nova Credit, MoneyLion enables credit issuers within the MoneyLion ecosystem to utilise Cash Atlas™, Nova Credit’s cash flow analytics platform, within its decision engine. This integration gives lenders a complete view of credit risk, allowing them to use consumer-permission bank transaction data to make more informed underwriting decisions. By combining embedded marketplace technology with enhanced data analytics, MoneyLion provides for the expansion of credit access while improving risk management.

Among the first to leverage this capability is Concora Credit, a service provider that enables credit programs for consumers with less-than-perfect credit. Concora Credit is part of a cohort of providers who will leverage Nova Credit’s cash flow underwriting data to enhance their credit policies to reach a broader range of consumers.

Tim Hong, Chief Product Officer at MoneyLion, said, “Cash flow data is essential for understanding consumers more holistically and unlocking more ways to provide consumers with the services they need. Our partnership with Nova Credit strengthens MoneyLion’s ability to provide financial institutions with better tools to make informed credit decisions and expand the range of consumers they can serve.”

“We are thrilled that MoneyLion and Concora Credit recognise the transformative power of cash flow underwriting and the strength of our analytics. The ability to see new lending opportunities within existing populations is a huge lift to lenders that work hard to acquire and build strong customer experiences,” said Misha Esipov, CEO and Co-Founder of Nova Credit. “This is a transformative partnership that will accelerate the availability of consumer-permission cash flow data analytics to many more financial institutions looking to lend to more borrowers while maintaining strong risk management.”