Credit bureau TransUnion is to acquire UK-based Monevo, a provider of loan prequalification data for banks to deliver personalised offers to consumers via comparison websites and other third parties.
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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,” says Todd Skinner, president, international, TransUnion. “Prequalification, or eligibility, 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 empowers over 150 credit providers and banks to host, manage & distribute pre-qualified credit offers to comparison websites and online brands.
Consumers are able to see the likelihood of being approved for credit products before applying with lenders, saving time and removing unnecessary searches which 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,” says 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.”
The transaction is expected to close by Q2 2025. Terms of the deal have not been disclosed.
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