Consumer lender Koyo to pass declined customers across to Freedom Finance

Just four months after raising its £100m debt and equity round, consumer lender Koyo has signed an extended partnership agreement with lending marketplace Freedom Finance.

The deal will see declined customers quickly passed over to Freedom’s panel of over 100 UK lenders in order to find a successful loan.

Peter Kent at Koyo, commented: “We are committed to supporting our consumers throughout their loan application journeys and that includes those who are unsuccessful in their applications with us,” said Peter Kent, Koyo’s chief marketing officer.

“Supporting them via a seamless connection with Freedom Finance’s marketplace is a great way to ensure they have the best possible opportunity to secure a suitable product and guarantee a positive user experience.”

Koyo was already working with Freedom Finance previously and is listed among the marketplace’s lenders.

The lender was founded in 2018 and launched in 2020, raising £36m as part of its Series A funding round in 2021.

Koyo is a consumer lender that works purely by using bank transaction data via open banking to assess borrowers and underwrite risk, rather than using traditional credit agency scores.