rewrite this title TransUnion to Buy Credit Eligibility and Distribution Platform Monevo – Finovate

TransUnion will acquire credit eligibility and distribution platform Monevo, expanding its capabilities in credit prequalification and personalized credit offers.

Financial terms of the deal were not disclosed.

TransUnion originally acquired a 30% stake in Monevo in 2021 and will acquire the remaining ownership position from Monevo’s majority stakeholder, Quint Group Limited.

Credit protection platform TransUnion announced it will acquire credit eligibility and distribution platform Monevo. Terms of the deal, which is expected to close by the second quarter of this year, were not disclosed.

U.K.-based Monevo was founded in 2008 to help comparison websites and online publishers embed personalized credit offers into their websites. It also works with more than 150 banks and credit providers worldwide, using centralized technology to connect lenders with publishers. This lets consumers see their chances of being approved for credit products before applying, which helps them save time and protect their credit scores from unnecessary checks.

“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 Quint Group and Monevo CEO Greg Cox. “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.”

In October 2021, TransUnion formed a strategic partnership with Monevo, acquiring a 30% stake in the company. Today, TransUnion has agreed to acquire the remaining ownership position from Monevo’s majority stakeholder, Quint Group Limited.

“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 TransUnion President, U.S. Markets Steve Chaouki. “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.”

Today’s acquisition enables TransUnion to enhance its credit prequalification and distribution capabilities. By integrating Monevo’s technology, TransUnion will connect its lender clients with consumers through more personalized credit offers. This partnership strengthens TransUnion’s ability to serve both lenders and consumers, streamline customer acquisition for financial institutions, and empower consumers to make informed borrowing decisions with minimal impact on their credit scores.

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