Financial health app partners with marketplace lender Lendable.
Pariti, the personal finance management app which helps users to manage their debts, has teamed up with Lendable to broaden its range of loan options. Pariti made leading marketplace lender Zopa its first lending partner in September of last year. Pariti users looking to consolidate their debts will now receive offers from both lenders.
Lendable is an online lender which has lent a little over £50m to date, according to AltFi Data. The platform’s consumer loans are funded by high net worth and institutional investors. The firm recently clinched a £100m loan purchasing deal from Waterfall Asset Management.
Separating Lendable from Zopa are its borrowers. Lendable operates further up the risk curve than most of the UK’s peer-to-peer/marketplace lenders, meaning its loans tend to be higher-yielding. Lendable’s differentiated borrower focus will allow Pariti to offer refinancing loans to a larger section of its user base.
Pariti plans to unveil integrations with a further two lenders by the end of the quarter. Its multi-lender system allows users to compare the cost of multiple lenders via a single application, in just 90 seconds.
Fintech partnerships of this kind are becoming increasingly common. Banking challenger Revolut, for example, recently rolled out an instant credit offering in partnership with peer-to-peer lender Lending Works.
“The integration with Lendable is a major step forward for Pariti as we increase the breadth of products offered via the app, and deliver on our vision of building a ‘distributed bank’ for people to save and pay off their debts”, said Matthew Ford (pictured), founder & CEO of Pariti.