TransUnion to acquire FinTech Monevo, a credit prequalification platform

By Gloria Mathias

TransUnion has signed a definitive agreement to acquire U.K.-based Monevo, a credit prequalification and distribution platform that empowers lenders and banks to deliver highly personalised credit offers.

TransUnion currently owns 30% of the equity of Monevo after acquiring a minority stake in 2021 and 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 of International, TransUnion. “Prequalification 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.”

Monevo enables comparison websites and other online brands known as publishers to embed highly personalised credit offers, predominantly in the U.K. and U.S. markets. Working with over 150 banks and credit providers globally, it provides centralised technology and decision-making infrastructure that 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 that could 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. “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.”

Consumers, publishers, and lenders all benefit from improved experiences and economics by using Monevo’s platform.

“Over the last three years, our partnership with Monevo has helped address gaps in the consumer experience. Together, we plan to deliver high-quality offers at scale with minimal support needed from our partners,” said Steve Chaouki, President of U.S. Markets, TransUnion. “Additionally, we continue to make good progress on broadening our value proposition and go-to-market strategy in the direct-to-consumer business and expect to have more to share in the coming quarters.”