Koyo to send declined borrowers to Freedom Finance
Consumer lender Koyo will send borrowers who have been declined for loans over to digital lending marketplace and embedded finance provider Freedom Finance, in an extension of the companies’ existing partnership.
From today (2 February 2023), Koyo’s technology will automatically refer customers declined for loans to Freedom Finance’s proprietary matching marketplace.
These declined customers will be linked up with a panel containing more than 100 of the UK’s leading lenders and service providers, to ensure that they are able to find products they are eligible for and that suit their circumstances.
Read more: Koyo raises £36m as it targets ‘near-prime’ consumer credit market
It also means that these borrowers will not have to re-enter their information in order to access the marketplace, smoothing the customer journey.
“Improving access to credit through a broad variety of products is core to Freedom Finance’s purpose,” said Michael Davidson, chief revenue officer at Freedom Finance.
Read more: Freedom Finance appoints Richard Parfitt as head of data science
“The financial services industry as a whole is delivering increasingly bespoke solutions and our proprietary matching platform is at the heart of this direction of travel in the lending market.
“Deepening this partnership with Koyo ensures that customers struggling to find loans will be able to search across a wide range of reputable lenders, for products that are right for their circumstances and safe in the knowledge that any application they make will be successful.”
Read more: Koyo raises £100m debt and £5m equity round