Yonder uses Open Banking to expand credit access

Yonder is partnering Open Banking platform Yapily to give better access to credit for the five million adults living in Britain who have little to no credit history or don’t have a UK credit score.

Credit card start-up Yonder was founded last year by former ClearScore alumni Tim Chong, Theso Jivajirajah, and Harry Jell, who decided to establish the business after being shocked by the difficulty of accessing quality credit products as Australian citizens in London.

The card began as a solution for expats who have a stable income and mortgage in in their home country but can’t find a credit provider in the UK.

The new partnership will use Yapily data to identify individual bank account information and analyse factors like income and expenses to “create a more holistic credit profile”.

“Unfair credit scoring methods, legacy app experiences, and vague pricing techniques are a thing of the past,” said Tim Chong, co-founder and chief executive, Yonder. “With Open Banking, we’re bringing back fairness and equality to the credit industry.

“Yapily’s technology and Open Banking expertise are helping to make that vision a reality.”

According to research from Experian, nine per cent of the total adult population of London have little to no credit history.

“This is yet another excellent example of how Open Banking is helping to serve the underbanked population, providing access to financial products to those who may not have been able to before,” said Stefano Vaccino, founder and chief executive, Yapily. “It's great to see how innovative companies like Yonder are challenging traditional credit systems and joining us on our mission to create better and fairer financial services for everyone.”

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