Equifax Limited, the consumer and business insight expert, has been appointed by new P2P lending platform Flender to support the underwriting of loans for UK SMEs.
Equifax will supply real-time consumer and commercial data so that the underwriting process can be automated and optimised. The data insight, provided via the Equifax Business Insights solution, will give a holistic view of SME loan applicants, providing Flender with the tools to make robust and reliable lending decisions.
Flender is a P2P lending platform that enables both consumers and businesses to raise finance through their social circle connections including friends, family and customers. It is a primarily mobile platform and allows both lenders and borrowers to set their own interest rates.
Andrew Hullock, Head of New Business - Alternative Lending at Equifax, said: “This partnership represents our continuing commitment to the alternative lending sector and our support for new and innovative entrants to the market. It’s a great example of a lender maximising the use of commercial data, an exciting area to watch as the potentially industry changing commercial credit data sharing (CCDS) scheme continues to develop. Competition in SME lending needs to improve, and providers like Flender with a new approach are a healthy addition to the market.”
Kris Koik, CEO at Flender, said: “We see Equifax as the primary bureau in the alternative lending sector and they were the clear choice for us. We’re the only P2P provider that allows you to lend money while integrating social circles into the process. We’re doing things differently and Equifax has a proven track record in working with lenders on flexible solutions at the early stages of their development. The combination of extensive consumer and commercial data that Equifax provides will be vital in enabling us to meet our targets, both in the UK and as we expand into Europe.”