Credit reporting giant TransUnion finalizes deal to acquire online lending platform Monevo

In a significant move to improve credit access for consumers, TransUnion, a leading global information and insights company, has agreed to acquire the remaining ownership position from Quint Group, securing full ownership of Monevo.

Founded by Greg Cox, CEO of Quint Group and Monevo, the company was established with the goal of improving access to credit for consumers through technology. Monevo's next-generation platform and API enables comparison websites and other online brands to embed highly-personalised credit offers in the UK and US markets.

This acquisition is expected to provide UK consumers with better access to credit and 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.

TransUnion, which already owns 30% of the equity of Monevo, having acquired a minority stake in 2021, has been working with Monevo and incuto since May 2023. Monevo provides centralised technology and decisioning infrastructure that integrates lenders and publishers.

Steve Chaouki, President, US Markets at TransUnion, states that the partnership with Monevo has helped address gaps in the consumer experience. Chaouki also mentions progress on broadening TransUnion's value proposition and go-to-market strategy in the direct-to-consumer business.

Todd Skinner, President, International, at TransUnion, believes pre-qualification is integral to the consumer lending process. Consumers searching online for credit products are able to see the likelihood of receiving approval for credit before applying, saving time and avoiding searches that can adversely impact their credit score.

Alan Booth, CEO of Quint Group and Monevo, is associated with the acquisition of Monevo by TransUnion. The terms of the deal have not been disclosed, and Chaouki expects to share more updates in the coming quarters. The transaction is expected to close in the second quarter of 2025, subject to regulatory approvals.

Monevo works with more than 150 banks and credit providers globally, and this acquisition is set to further strengthen TransUnion's position in the credit market. Chaouki's optimism for the future of this partnership is shared by many, as the move towards digital credit solutions continues to gather momentum.

Credit reporting giant TransUnion finalizes deal to acquire online lending platform Monevo