TotallyMoney expands credit-matching capabilities with Aro partnership

UK-based embedded finance partner Aro has introduced personalised credit matching to the secured loans space for users of personal finance app TotallyMoney.

The new partnership, which is already live, will see Aro deliver secured loans advice and guidance to TotallyMoney customers, with the aim of giving them greater choice when it comes to choosing a loan product.

Through the combination of Aro’s intelligent decisioning platform and its access to the full secured loan market, it will be able to directly match consumers with the most appropriate lending products.

Users of the TotallyMoney app log in more than four times per month, on average, while 60% of customers with a poor credit score see an increase in the first six months, according to TotallyMoney.

Consumers can access the personalised credit matching service through the TotallyMoney website and mobile app.

Andy Fisher, chief growth officer at Aro

Andrew Fisher, Aro’s chief growth officer, said: “The secured loan market is a pivotal lifeline for consumers, empowering them to better manage their finances and free up more of their disposable income.

“By supporting TotallyMoney on its goal to adopt data-driven insights and innovation, we’ll be educating consumers on the power of secured loans and the benefits these can bring to their long-term financial health.”

Alastair Douglas, chief executive officer of TotallyMoney, added: “We’re excited to announce our new partnership with Aro, extending our expert credit matching capabilities, and giving millions of TotallyMoney customers the opportunity to unlock new, personalised borrowing options.

“Over the past few years, we’ve seen rising rates, and a contraction in the market, with banks watering down offers and restricting who they lend to. And this, along with the rising cost of living, means many have struggled to make ends meet, or keep up with regular commitments.

“But now, eligible homeowners can access affordable loans, even if they have a not-so-perfect credit score — allowing them to save money with debt consolidation or cover other expenses.”

Last week, TotallyMoney unveiled its third Open Banking use case, launching a new affordability insights feature which is intended to help underserved individuals in the UK get access to mainstream credit.

In an interview with Open Banking Expo earlier this year, Aro’s chief technology officer Nick Allen said: “To assist with expanding options beyond traditional credit file-based decisions, we then offer Open Banking as a way to share additional information with lenders.

“This aims to expand the offers available to customers who may have previously been rejected or had few other options.”

Aro counts Argos, Asda Money, BNP Paribas, TSB and V12 Retail Finance among its partners.