Atto, the global credit & risk platform for risk managers, has announced a partnership with Faciit, an alternative lending solution for individuals without a UK credit history. This partnership leverages Atto's open banking insights to help people with new-to-country status access affordable credit.
Faciit's save-to-borrow solution works by having users save one-third of their loan requirements for a minimum of three months, after which Faciit provides the remaining two-thirds as competitive loans. Faciit sets itself apart from traditional lenders by not solely relying on bureau data to make credit decisions. Instead, the company uses Atto's income verification, using open banking data to determine if an individual can afford to repay the loan.
James Varga, CEO & Founder of Atto, said:
We’re delighted to partner with Faciit to help new-to-country individuals access affordable credit using Atto's open banking-powered insights. The partnership is perfectly placed alongside our mission to promote financial inclusion and responsible lending practices. By using open banking, we can enable better access to financial services for everyone, regardless of their credit history or financial status.
The partnership between Atto and Faciit is rooted in their shared mission to promote financial inclusion. Faciit aims to provide new-to-country status individuals with the loans they need to achieve their financial goals, while Atto believes everyone should have access to the financial services they need.
Olaolu Olaleye, CEO & Founder of Faciit said:
Our name Faciit means we facilitate it, and it sums up our mission to help create financial possibilities for those who will struggle otherwise. We are excited to partner with Atto to deliver our complimentary missions of enabling financial inclusion.
About Atto
Atto is the global credit & risk platform for risk managers. The UK-based fintech provides open banking data and predictive models for smarter credit & risk decisions. With Atto, decision makers can access real-time data to optimize credit risk decisioning. Atto’s advanced insights for affordability, income verification, financial distress, and more,are available through one simple connection.
Atto is an early pioneer in open banking and powers some of the world’s largest and most innovative brands. The company’s CEO &Founder, James Varga, lobbied the government for PSD2 and Atto built the first ever AISP connection. Atto now has the most comprehensive coverage of any provider in the market.
About Faciit
Faciit is an alternative lending platform for those who struggle to access finance from mainstream sources because they are new to the UK credit system or have not built credit profiles over time. Our save-to-borrow solution offers those who do not have UK credit history but can demonstrate affordability and creditworthiness access to competitive loans.
