LendInvest open banking partnership widens borrower base

The property platform says the use of open banking has allowed it to open up its loans to self-employed and sole trader borrowers, who it previously did not serve.

Credit Kudos uses open banking data to provide lenders with a comprehensive up-to-date view of the current financial situation of an individual or business.

The credit agency uses bank transaction and loan data to produce an insight into the borrower’s circumstances to improve credit decisions.

LendInvest said the time it takes to underwrite an applicant’s financial history has reduced to five minutes since it began using the technology.

Arman Tahmassebi, chief operating officer of LendInvest, said: “Getting rid of the manual documentation process has allowed us to offer a far faster and more convenient service.

“Although we have been using open banking for two years, this new partnership has allowed us to take it to the next level and really reap the benefits of the technology.

“The greater insights are empowering us to make better informed, faster lending decisions to more people.”