TransUnion teams up with Monevo and incuto to broaden access to consumer credit

Ellie Duncan
31 May 2023

Global insights company TransUnion has begun working with personal credit platform Monevo and incuto, a fintech for social good, to provide UK consumers with better access to credit and to create a range of affordable credit products.

The joint initiative aims to help credit unions and community development finance institutions offer their products to a wider audience via comparison websites, on the basis that the majority of UK consumers rely on price comparison platforms as their main source of credit options.

The partnership will see TransUnion provide credit data, while incuto enables community lenders to reach more potential customers, and Monevo will help them to host, manage and distribute their credit offers.

“In line with TransUnion’s mission of using information for good, our work with Monevo and incuto marks an important step forward for the industry, driving broader access to credit for UK consumers,” said James Robinson, managing director of consumer interactive at TransUnion in the UK.

“We’re happy to support credit unions and community development finance institutions in harnessing data and insights to enhance consumers’ financial wellbeing and foster a more inclusive financial landscape.”

Monevo is a personal credit platform and API co-owned by Quint Group and TransUnion.

Dawn Wood, Monevo UK territory director, said the partnership ensures credit unions and community bank offerings are available to consumers on credit comparison websites.

“The Monevo technology bridges the gap between these institutions and consumers seeking affordable credit solutions, ultimately driving financial inclusion,” she added.

Andrew Rabbitt, incuto’s chief executive officer, said: “We’re committed to providing community lenders with all the necessary tools and technology to thrive in a competitive financial landscape, connecting more people with affordable finance products.

“We think it’s crucial that credit unions are presented on credit comparison websites sites, allowing consumers to have better choices when looking for a suitable credit product.”

Earlier this year, TransUnion launched ‘Open Banking for Gaming’, a new solution for the gaming sector based on its affordability assessments.