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MoneyLion Partners with Nova Credit to Activate Cash Flow Underwriting Within its Consumer Finance Ecosystem
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.”
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