TransUnion, a prominent credit bureau, is set to enhance its portfolio by acquiring Monevo, a UK-based firm known for providing loan prequalification data. This strategic acquisition aims to facilitate banks in delivering tailored offers to consumers through comparison websites and various third-party platforms.
Having previously secured a 30% stake in Monevo in 2021, TransUnion is now positioned to acquire the remaining ownership from Quint Group Limited.
Todd Skinner, TransUnion’s President of International Operations, emphasized the company’s commitment to fostering trust in global commerce. He stated, “Prequalification is a crucial aspect of the consumer lending journey. It promotes financial inclusion and responsible lending by empowering consumers to discover the most suitable products in a timely manner.”
Monevo currently supports over 150 credit providers and banks by enabling them to manage and distribute pre-qualified credit offers to comparison websites and online brands. This service empowers consumers to assess their chances of credit approval before formally applying, thereby saving time and minimizing potential negative impacts on their credit scores associated with unnecessary applications.
Greg Cox, the CEO of Quint Group and Monevo, remarked, “Monevo was established to enhance access to credit through technology, and has since been a pivotal player in driving credit distribution for some of the largest banks and lenders globally. This acquisition represents a crucial progression in Monevo’s potential for growth and innovation, creating exciting new opportunities by integrating our two complementary businesses.”
The acquisition is anticipated to be finalized by the second quarter of 2025, although specific financial terms of the deal remain undisclosed.