UK-based digital bank Zopa Bank has added D•One to its roster of partners that provide Open Banking connectivity and transaction categorisation intelligence.
D•One, which is the Open Banking business unit of The ClearScore Group, will initially focus on Zopa’s loan origination “journeys”.
Via the partnership, D•One will give Zopa Bank the ability to integrate consumers’ spending data into mainstream lending, to provide income verification, risk insights, and affordability assessment.
By working together, Zopa Bank and D•One expect to provide consumers who have limited credit histories with access to credit options they might otherwise have missed out on.
Zopa’s lending portfolio includes credit cards, car finance and loans.
Tim Kelleway, director at D•One, said: “Zopa Bank is a long-standing partner with the wider ClearScore Group, and we are delighted to extend that partnership to now include Open Banking services via D•One.
“Forward-thinking lenders such as Zopa Bank appreciate the power of alternative data to better understand financial behaviours and bring about more accurate lending decisions.”
Kelleway called Open Banking a “positive innovation for the credit market”, given that it helps assess borrower risk “more fairly”.
Earlier in the month, unsecured consumer credit provider NewDay went live with D•One’s Open Banking connectivity and transaction categorisation products.
In September last year, Zopa Bank raised £75 million in Tier 2 capital and surpassed one million customers for the first time. The digital bank is targeting five million customers by 2027.
