UK-based social purpose lender Salad Money has teamed up with The ClearScore Group’s Open Banking services business, D•One, to improve the accuracy and speed of its affordability assessments.
Through the partnership, D•One will provide Salad Money with “comprehensive and specialised” Open Banking connectivity and transaction categorisation intelligence, enabling the lender to make a fairer assessment of a consumer’s loan eligibility.
Salad Money specialises in offering affordable credit to public sector and key workers, in particular, those with an impaired credit score or who are deemed “credit invisible”.
Tim Kelleway, director at D•One, said: “We’re helping Salad Money to enhance its lending decision-making through comprehensive Open Banking connectivity and advanced deterministic categorisation.
“As D•One scales and works with more forward-thinking lenders like Salad Money, we are advancing our mission of enabling lenders to make a truer and fairer assessment of how much credit a consumer can realistically afford to repay.”
Kelleway added: “Our highly scalable digital platform and proprietary credit decision-making capability is accelerating consumers’ bank data into mainstream lending and thereby opening up new lines of credit that people would not otherwise have had access to.”
Salad Money’s chief executive officer Tim Rooney said that, last year, it helped more than 30,000 people with affordable loans.
“We’re on a mission to give more people the affordable loan they deserve, and affordability assessments powered by Open Banking are the way to get there,” he added.
“We’re pleased to partner with D•One for its comprehensive transaction categorisation intelligence which helps us accurately and fairly assess potential borrowers.”
At the Open Banking Expo Awards 2023, which took place in London on 19 October 2023, Salad Money won the Open Banking for Good Award.