Global insights and information company TransUnion has agreed to acquire UK-based credit pre-qualification and distribution platform Monevo, which is part of Quint Group.
TransUnion already 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.
The terms of the deal have not been disclosed, although TransUnion confirmed it is likely to be funded with existing cash-on-hand. The transaction is expected to close in the second quarter of 2025, subject to regulatory approvals.
Monevo’s next-generation platform and API enables comparison websites and other online brands, referred to as publishers, to embed highly-personalised credit offers in the UK and US markets mainly.
The company works with more than 150 banks and credit providers globally to provide centralised technology and decisioning infrastructure which integrates lenders and publishers.
In turn, consumers searching online for credit products are able to see the likelihood of receiving approval for credit before applying, not only saving time but also removing the need to conduct searches which can adversely impact their credit score.
“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 Greg Cox, chief executive officer of Quint Group and Monevo.
“This acquisition is the natural next step in Monevo’s future growth and success, and will unlock new opportunities to innovate by uniting these two complementary businesses, whose values are already strongly aligned.”
Todd Skinner, president, international, atTransUnion, said: “Pre-qualification, 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.”
In May 2023, TransUnion begun working with Monevo and incuto, a fintech for social good, to provide UK consumers with better access to credit and to create a range of affordable credit products.
The aim of the joint initiative is to help credit unions and community development finance institutions offer their products to a wider audience via comparison websites.
Steve Chaouki, president, US markets at TransUnion, added: “Over the last three years, our partnership with Monevo has helped address gaps in the consumer experience. Together, we can deliver high-quality offers at scale with minimal support needed from our partners.
“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.”
