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.
Having opened a waiting list in 2021, Credit Builder is now available and being used by select customers in an early access program before becoming available to UK customers in the coming months.
Monese Credit Builder will enable customers to build their credit history and improve their reputation with the UK’s three major credit bureaus and lenders. With a better credit history, customers will also be able to access better loan offers.
Credit Builder is aimed at those who struggle to access credit because they are ‘invisible’ 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, then you will not have any credit history with the UK credit bureaus. Credit-invisible consumers face fewer options when it comes to borrowing money. For example, borrowing from friends or family, applying for high-cost credit like payday loans, or running out of money.
In 2021, it was estimated that there are almost 5.2 million people in the UK who are excluded from financial services because they are ‘credit invisible’. (one)
Garrett Cassidy, Vice President of Credit at Monese, said: “Customer feedback has made it clear that access to credit is a persistent and real challenge in the UK. After the pandemic hit, we asked our customers what features they needed more than one account. Access to credit was always in the first place. The problem is that many of them are locked out of credit because they are invisible to credit, so we can say with some confidence that our customers need Monese Credit Builder.
“Many of our clients are also self-employed, fraudsters, creative and ambitious people struggling to access credit in the UK. We know that if something happens to your bike, laptop, or gear, your livelihood is in jeopardy. Credit is a critical part of getting them back on track and being able to earn and support themselves and their families.”
The launch of Credit Builder follows quickly on the heels of Monese’s acquisition of Trezeo, an FCA-licensed lender and financial services provider serving the self-employed and self-employed, in December 2021.