TotallyMoney Integrates Drafty via API — Boosting Borrowing Options for 20M Under-served Adults
- 28.06.2022 11:00 am
- With a focus on those with poor credit profiles, Drafty provides limits of up to £3,000 with flexible repayment terms and zero fees
- Using ‘Express Cash Transfer’ Drafty is able to send cash to a customer’s bank in under 90 seconds once approved
- This comes as TotallyMoney and PwC research highlighted a 36% growth in the number of people with poor credit history over the last six years*
- At the same time, 16m UK adults would need to borrow money to afford an unexpected payment of £300*
This is the latest in the series of integrations from TotallyMoney, as it drives forward in enabling fintech for everyone, with a focus on the UK’s 20 million adults currently under-served by the financial services industry*.
Innovation, collaboration, API integration
TotallyMoney’s report with PwC, ‘Overlooked and financially under-served’, found that in the past six years, the number of people who are struggling to access mainstream credit has risen 50% from 13.6 to 20.2 million. One of the key drivers for this has been a 36% growth in the number of people with poor credit history.
As the cost of living crisis continues to add strain to people’s finances, many are finding themselves eating into savings. The same research also reveals that 16m adults would need to borrow money to afford an unexpected payment of £300.
Drafty bridges this gap, offering a flexible and easy-to-use alternative to cards, loans and overdrafts. Available to those with poor or little credit history, Drafty is able to send money to the banks of eligible customers in just 90 seconds. Drafty’s exclusive rewards programme provides additional value, with over 200 incentives and offers available to customers.
By integrating via an API, customers can check their eligibility to find out their chances of acceptance before they apply. They can also use the credit line time and time again without needing to reapply provided they keep up with their repayments, so they can protect their credit profile by avoiding multiple credit applications.
Alastair Douglas, CEO of TotallyMoney, comments:
“At TotallyMoney, we have a goal of enabling fintech for everyone. Yet our research with PwC found that over 20 million adults struggle to access mainstream credit. In addition to this, we found that 16 million adults would struggle to cover an unexpected £300 payment.
“As inflation continues to squeeze household finances, it’s more important than ever that a range of innovative and flexible credit products and services are available to those who need them most. By integrating Drafty via an API, we’re able to provide those with an imperfect credit profile an alternative, flexible option to cards, loans and overdrafts.
“TotallyMoney is on a mission to help everyone move their finances forward and collaboration is key to this. Fintechs, lenders, credit reference agencies and regulators must work together, ensuring people can navigate the cost of living crisis and gain financial momentum”.
Alex Woodcraft, Marketing Director at GAIN Credit, comments:
“I’m so excited for Drafty to be partnering with TotallyMoney. TotallyMoney sees eye-to-eye with Drafty in providing innovative credit solutions to help people through this cost of living crisis. With our fantastic Drafty Club offering helping people save money on their weekly shop and more across various brands, we’re excited to help more people make of their money.”