TransUnion has partnered with fintech startup, Fincheck, to become the Ooba of all kinds of loans, save for home loans.
Fincheck is a relatively unknown marketplace that helps people looking for loans compare offers from different banks and lenders, much like bond originator Ooba does for home loans and Telesure does with Hippo to compare insurance quotes from businesses within its stable.
Now that it has partnered with TransUnion, the companies expect that they will be in a better position to allocate leads to banks and lenders and ultimately grow the marketplace and increase access to credit.
"Fincheck is able to make the process of finding the best-suited bank, lender or insurer seamless for consumers due to its deep understanding of the risk appetites of financial institutions. As a leader in the South Africa credit market, TransUnion helps provide a comprehensive picture of each applicant," wrote the companies in a statement.
By combining their capabilities, they are hoping that they will be able to save everyone time.
Fincheck compares offers from over 80 lenders in South Africa, including banks and insurers. The division that is focused on SMEs, Fincheck Business, connects businesses to relatively unknown specialist funders like Lulalend, Business Fuel and Retail Capital which provide alternative funding to traditional business loans.
"Being able to access affordable credit and valuable information in the same place will help South African consumers during these challenging times. Checking the information held on you is accurate before making an application can be an invaluable tool that can help you understand your financial options more clearly,” comments Michael Bowren, CEO of Fincheck.
Compiled by Londiwe Buthelezi