MoneyLion Partners with Nova Credit to Activate Cash Flow Underwriting Within its Consumer Finance Ecosystem
September 10 2024 - 8:00AM
Business Wire
Partnership enables lenders on the MoneyLion
platform to use Nova Credit’s cash flow underwriting data and
analytics, expanding consumer access to credit
MoneyLion Inc. (“MoneyLion”) (NYSE: ML), a digital ecosystem for
consumer finance that empowers everyone to make their best
financial decisions, today announced a partnership with Nova
Credit, a leading credit infrastructure and analytics company, to
activate cash flow underwriting within MoneyLion’s hosted
decisioning engine. This collaboration will allow credit issuers on
MoneyLion’s platform to integrate Nova Credit’s cash flow data
analytics, providing a more comprehensive view of a consumer’s
financial health and expanding access to credit.
MoneyLion is a digital finance ecosystem that powers
distributable embedded marketplaces, enabling financial product
providers to acquire consumers at scale. Through its marketplace
technology, MoneyLion connects consumers with real-time,
personalized financial product offerings and services through its
vast network of financial product providers. By partnering with
Nova Credit, MoneyLion enables credit issuers within the MoneyLion
ecosystem to utilize Cash Atlas™, Nova Credit’s cash flow analytics
platform, within its decision engine. This integration gives
lenders a more complete view of credit risk, allowing them to use
consumer-permissioned bank transaction data to make more informed
underwriting decisions. By combining embedded marketplace
technology with enhanced data analytics, MoneyLion allows for the
expansion of credit access while enhancing risk management.
Among the first to leverage this capability is Concora Credit, a
service provider that enables credit programs for consumers with
less-than-perfect credit. Concora Credit is part of a cohort of
providers who will leverage Nova Credit’s cash flow underwriting
data to enhance their credit policies to reach a broader range of
consumers.
“Since our inception, MoneyLion has been focused on increasing
access to financial products,” said Tim Hong, Chief Product Officer
at MoneyLion. “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.”
“We are thrilled that MoneyLion and Concora Credit recognize 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,” said Misha Esipov,
CEO and Co-Founder, Nova Credit. “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.”
About MoneyLion
MoneyLion is a digital ecosystem for consumer finance powering
the next generation of personalized products, content, and
marketplace technology, with a top consumer finance super app, a
premier embedded finance platform for enterprise businesses and a
world-class media arm. MoneyLion’s mission is to give everyone the
power to make their best financial decisions. We pride ourselves on
serving the many, not the few; providing confidence through
guidance, choice, and personalization; and shortening the distance
to an informed action. In our go-to money app for consumers, we
deliver curated content on finance and related topics, through a
tailored feed that engages people to learn and share. People take
control of their finances with our innovative financial products
and marketplace - including our full-fledged suite of features to
save, borrow, spend, and invest - seamlessly bringing together the
best offers and content from MoneyLion and our 1,200+ Enterprise
Partner network, together in one experience.
MoneyLion’s enterprise technology provides the definitive search
engine and marketplace for financial products, enabling any company
to add embedded finance to their business, with advanced AI-backed
data and tools through our platform and API. Established in 2013,
MoneyLion connects millions of people with the financial products
and content they need, when and where they need it.
For more information about MoneyLion, please visit
www.moneylion.com. For information about Engine by MoneyLion for
enterprise businesses, please visit www.engine.tech. For investor
information and updates, visit investors.moneylion.com and follow
@MoneyLionIR on X.
About Nova Credit
Nova Credit is a credit infrastructure and analytics company
that enables businesses to grow responsibly by harnessing
alternative credit data. The company is a CRA that leverages its
unique data infrastructure, compliance framework, and credit
expertise to help lenders fill in the gaps that exist in
traditional credit analytics. Nova Credit provides access to the
fragmented universe of consumer financial data and transforms it
into compliant, actionable risk analytics through a suite of
solutions designed to increase conversion through expanded
coverage, speed, and reliability. Leading organizations, such as
American Express, Verizon, HSBC, RBC, SoFi, Scotiabank, Appfolio,
and Yardi, work with Nova Credit to make smarter credit decisions
through cash flow underwriting with Cash Atlas™, quickly and
accurately verify income with Income Navigator, and reach
new-to-country consumers with Credit Passport®. Learn more at
https://www.novacredit.com or reach out to
connect@novacredit.com.
About Concora Credit Inc.
A single purpose guides Concora Credit: to help non-prime
consumers Do More with Credit. Through its credit servicing
activities for issuing banks, the company has helped millions of
consumers access credit through Private Label and General Purpose
Credit Card programs designed for consumers with less-than-perfect
credit. Concora Credit is the company of choice for merchants
looking to offer greater access to credit for their customers
because our flexibility delivers better outcomes at the point of
sale and beyond. We see a bright future for consumers through our
simple proposition that is best expressed in two words: Do
More.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240909364003/en/
MoneyLion Communications pr@moneylion.com
Nova Credit Communications Sarah Levine,
pro-novacredit@prosek.com
MoneyLion (NYSE:ML)
Historical Stock Chart
From Aug 2024 to Sep 2024
MoneyLion (NYSE:ML)
Historical Stock Chart
From Sep 2023 to Sep 2024