TransUnion is bolstering its portfolio to operate in the credit prequalification market.
The company on Wednesday signed a definitive agreement to acquire U.K.-based Monevo, a credit prequalification and distribution platform that can empower lenders and banks to deliver highly personalized credit offers to consumers via comparison websites and other third parties.
TransUnion currently 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 Limited.
According to a news release, the terms of the transaction are not being disclosed. TransUnion said the transaction is expected to be funded with existing cash-on-hand and not to have a material impact on leverage, liquidity or its 2025 operating results.
Executives said the transaction is expected to close by the second quarter and is subject to the satisfaction of customary closing conditions and regulatory approvals.
“We are committed to making trust possible in global commerce by ensuring consumers and organizations can transact with confidence,” said Todd Skinner, who is president of the international division at TransUnion. “Prequalification 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.”
Monevo enables comparison websites and other online brands known as publishers to embed highly personalized credit offers, predominately in the U.K. and U.S. markets. Working with more than 150 banks and credit providers globally, it provides centralized technology and decisioning infrastructure which integrates lenders and publishers, allowing them to deliver better outcomes for consumers searching for credit online.
Those consumers are able to see the likelihood of being approved for credit products before applying with lenders, saving time and removing unnecessary searches which potentially adversely impact their credit scores.
“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, CEO of Quint Group and Monevo. “This acquisition is the natural next step in Monevo’s future growth and success, and would unlock new opportunities to innovate by uniting these two complementary businesses, whose values are already strongly aligned.”
TransUnion highlighted consumers, publishers and lenders all benefit from improved experiences and economics by using Monevo’s platform.
Consumers can experience a more compelling and personalized online credit shopping experience, receiving highly tailored offers without impacting their credit score.
Publishers can gain the tools to win lender trust and delight consumers with more personalized engagement and successfully matched offers, leading to higher conversion rates.
And lenders can minimize adverse selection and optimize acquisition costs while delivering an improved consumer experience for their brand.
“Over the last three years, our partnership with Monevo has helped address gaps in the consumer experience. Together, we plan to deliver high-quality offers at scale with minimal support needed from our partners,” said Steve Chaouki, who is president of U.S. markets at TransUnion.
“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,” Chaouki went on to say.
