TransUnion has announced its agreement to acquire Monevo, a leading credit prequalification and distribution platform that connects lenders and banks with consumers seeking personalized credit offers. After acquiring a 30% stake in Monevo in 2021, TransUnion has now agreed to purchase the remaining ownership from Quint Group Limited, reinforcing its commitment to enhancing financial inclusion and responsible lending.
Driving Innovation in Consumer Lending
Todd Skinner, President of International at TransUnion, emphasized the strategic importance of the acquisition:
“We are committed to making trust possible in global commerce by enabling secure and confident transactions. Prequalification plays a crucial role in consumer lending by helping individuals find suitable financial products quickly and efficiently.”
Monevo enables comparison websites and online brands (known as publishers) to integrate highly personalized credit offers, primarily in the U.K. and U.S. markets. With a network of over 150 global banks and credit providers, the platform streamlines the lending process by offering a centralized technology and decisioning infrastructure that benefits both lenders and consumers.
By using Monevo, consumers can prequalify for loans before applying, reducing unnecessary credit inquiries that could impact their credit scores. This results in a smoother, faster, and more transparent borrowing experience.
A Milestone for Monevo’s Growth
Greg Cox, CEO of Quint Group and Monevo, highlighted the significance of the acquisition:
“Monevo was created to improve credit accessibility through technology, and today, it powers credit distribution for many of the world’s largest banks and lenders. Joining forces with TransUnion is the next logical step in our journey, unlocking new opportunities for innovation and expansion.”
This acquisition will drive enhanced experiences for consumers, publishers, and lenders alike:
- Consumers receive tailored loan offers with higher approval confidence, without affecting their credit scores.
- Publishers gain tools to boost lender trust, engage users with personalized experiences, and improve conversion rates.
- Lenders benefit from optimized acquisition costs while reducing risks and improving customer experiences.
Strengthening TransUnion’s Consumer Lending Strategy
TransUnion’s ongoing collaboration with Monevo has already closed gaps in the consumer credit experience. According to Steve Chaouki, President of U.S. Markets at TransUnion:
“Our partnership with Monevo over the past three years has helped improve the consumer journey. Together, we will scale high-quality credit offers with minimal effort required from our partners. Additionally, we continue to expand our direct-to-consumer strategy in the U.S. and look forward to sharing more developments soon.”
Transaction Details
The financial terms of the transaction have not been disclosed. However, TransUnion expects to fund the acquisition with existing cash reserves, with no significant impact on leverage, liquidity, or 2025 operating results. The deal is set to close by Q2 2025, pending regulatory approvals and customary closing conditions.
This acquisition marks a significant step in TransUnion’s fintech expansion, reinforcing its mission to enhance financial accessibility, responsible lending, and digital innovation in the global credit market.
—————————————————————————————————
About Innovation Streets:
Welcome to InnovationStreets.com! Get the latest insights from the finance and technology industries. Discover industry updates on fintech innovations, regulatory developments, industry insights, events, and collaborations between banks, insurers, and fintechs. A platform for C-level executives to submit thought leadership content for their peers. Subscribe for updates!
