Fintern says it will issue personal loans in the UK by using open banking data and its AI platform to consumers excluded by traditional banks.
A new consumer lender Fintern has launched to provide loans of up to £5,000 using open banking functionality to customers excluded by banks.
Fintern, which received its FCA authorisation as a regulated consumer credit lender in February 2021, uses high-frequency transaction data.
The firm says 20,000 people have pre-registered to apply for its loans and that it aims to serve half a million consumers in the UK and originate £1bn of consumer loans by 2025.
Gerald Chappell, CEO and co-founder of Fintern, said “Fintern will help people to really understand what is affordable for them, rather than offering yet another faceless transactional process. Currently, lenders either lend money or don’t, and t”hen don’t engage with the borrower again until the loan terms ends or payments are missed.
“Our AI-powered technology helps us and all our customers to understand their finances in a deeper, more hands-on way than ever before. This approach allows us to increase approval rates, lower APRs and empower our customers to make the best and most responsible borrowing decisions for them.”
"Over the next 4-5 years, we intend to rapidly grow in the UK building a £1bn loan book alongside broadening our product range and considering expansion to other geographies.”