MoneyLion has teamed up with Nova Credit to integrate cash flow underwriting into its decisioning engine, enabling credit issuers on its platform to access more comprehensive data for evaluating consumers’ financial health.
Nova Credit’s Cash Atlas™ platform will provide cash flow analytics to help lenders on MoneyLion’s platform assess credit risk by using consumer-permissioned bank transaction data. The goal of this collaboration is to give credit providers a more comprehensive view of consumers’ financial health.
Concora Credit, a provider focused on consumers with less-than-perfect credit, is among the first to use this capability. The integration of cash flow data could help expand credit access while maintaining risk management practices.
Tim Hong, chief product officer at MoneyLion, said: “Cash flow data is essential for understanding consumers more holistically and unlocking more ways to provide consumers with the services they need. Our partnership with Nova Credit strengthens MoneyLion’s ability to provide financial institutions with better tools to make informed credit decisions and expand the range of consumers they can serve.”
Misha Esipov, CEO and co-founder, Nova Credit, also added: “We are thrilled that MoneyLion and Concora Credit recognise the transformative power of cash flow underwriting and the strength of our analytics. The ability to see new lending opportunities within existing populations is a huge lift to lenders that work hard to acquire and build strong customer experiences.
“This is a transformative partnership that will accelerate the availability of consumer-permissioned cash flow data analytics to many more financial institutions looking to lend to more borrowers while maintaining strong risk management.”
