Through Experian’s platform, Molo will be able to access open banking technology that will allow it to build up a picture of a borrower’s financial habits.
By accessing bank statement information, lenders can assess income and expenditure using transactional data.
The software can also help lenders to identify different types of earnings which is useful for borrowers who have multiple sources of income from more than one job.
By sharing 12 months of bank statement data, borrowers can demonstrate their ability to fund their mortgage.
The lender said, the technology will enable it to grant a Decision in Principle in minutes and a completed application can be reviewed within 24 hours.
Francesa Carlesi (pictured), chief executive at Molo, said: “We’re thrilled to be collaborating with Experian. It’s another great step forward in providing an ever better, faster, more personalised service for our customers, and we expect that this technology, in conjunction with our own, will lead to far greater personalisation in the not-too-distant future.”
Mortgage lenders Skipton Building Society and Bluestone have also signed up to use the technology.