Monese, the leading pan-European fintech, is expanding its offering with the launch of a new Credit Builder service for its customers in the UK.
After opening a waiting list in 2021, Credit Builder is now available and being used by select customers through an early access program before being made generally available to UK customers over the next few months.
Monese’s Credit Builder will allow customers to build their credit history and improve their reputation with the three major UK credit agencies and lenders. With a better credit history, customers will also be able to access better value loan offers.
Credit Builder is for those who have difficulty accessing credit because they are “invisible” to credit and have little or no credit history. If you have never borrowed, which is especially true for young people, or if you have never borrowed in the UK, you will have no credit history with UK credit agencies. Invisible consumers of credit have fewer options when it comes to borrowing money. For example, asking for loans from friends or family, applying for high-cost credit like a payday loan, or going without.
In 2021, it was estimated that there were almost 5.2 million people in the UK who were excluded from financial services because they were “invisible to credit”. (1)
Garrett Cassidy, VP Credit at Monese, said: “Customer feedback has made it clear that access to credit is a persistent and real challenge in the UK. Post-pandemic, we asked our customers what features they most needed from an account. Access to credit always came out on top. The problem is that many of them are out of credit because they are invisible to credit, so we can say with some confidence that our customers need Monese’s Credit Builder.
“Many of our customers are also construction workers, hustlers, creatives and go-getters who struggle to access credit in the UK. We know that if something happens to their bike, laptop or gear, their livelihood is in jeopardy. Credit is essential to getting them back on track and being able to earn a living and support themselves and their families. »
The launch of Credit Builder quickly follows Monese’s acquisition of Trezeo, an FCA-licensed financial services provider and lender serving the self-employed and self-employed, in December 2021.