Credit technology firm secures contract with car finance provider
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EQ Credit Services (EQCS), a Leeds-based consumer credit technology and outsourced services provider, has won a seven-year contract to offer a digital loan platform and collections services to 247 Money.
The deal follows a successful three-year partnership where EQCS provided its API-led credit servicing platform and collections services to 247 Money.
This helped take the Manchester-based specialist car finance provider from a start-up brand to a major industry player, completing almost £50m in loans over the last 12 months.
Following the announcement of 247 Money’s private securitisation to allow a further £305m facility for new lending, the EQCS deal also includes standby servicing to support this new book.
EQCS’s technology means 247 Money can integrate with Open Banking to demonstrate affordable lending.
Access to this real-time data will allow a more accurate understanding of customers with a greater level of personalisation – imperative given today’s fluctuating economy and tighter regulation.
Richard Carter, managing director at EQCS, said: “Over the last three years, our partnership with 247 Money has seen it grow to become one of the industry’s major players and we expect that trajectory to continue as it strives to offer a greater level of personalisation to customers.
“Our continued investment in R&D demonstrates the capabilities of EQ Credit Services to provide products that can support our clients in their growth and be flexible to cater for their short, medium and long-term strategies.
“Our cost-effective, API-led solution is enabling lenders to enhance automation, customer self-service and operational scale and efficiency, while remaining compliant with regulation.”
Alex Hurst, managing director of 247 Money, added: “Our commitment to our customers is to make car finance a straightforward and positive part of the car buying process.
“By continuing to partner with EQ Credit Services, we can ensure we are connected to our customers and continue to offer them the best experience available.”