Faciit is an alternative finance company based in Edinburgh. Through our save-to-borrow solution, we are offering competitive loans to those who will struggle to access finance from mainstream sources because they have no or limited credit history.
Our mission is to facilitate financial possibilities for those who will struggle otherwise. We are using technology and peculiar approaches to rethink risk weighting and credit scoring for people with thin credit files or who are invisible to the credit system.Â
Our save-to-borrow solution works in a simple way; users save one-third of their finance target for a minimum of three months and subsequently, Faciit gives them two-thirds as competitive loans. We do not rely on credit scores or credit history but we take a minimum of three months to understand our usersâ€™ financial states, risk weight, and affordability thresholds and we make credit decisions accordingly.
From our name Faciit (We Facilitate it), our overarching goal is to create financial possibilities for those who would struggle otherwise.
Tens of millions struggle to access finance from banks and mainstream sources in the UK and 1 in 3 of them fall into this category because they have an inadequate credit history or have low credit scores based on some non-financial data not because they made bad financial decisions in the past or cannot afford repayment. They are mostly invisible to the credit system and hence excluded from affordable financial services.
Faciit was borne from frustrations Olaolu Olaleye felt from financial exclusion, he spoke to hundreds of people who experience or know someone who experience the problem, and the more he looked into the problem the more he realised that there is a gap in the market and a market in the gap; Faciit was incubated to fill the market gap.
We have developed a save-to-borrow solution to help people with thin credit profiles and peculiar financial situations get access to competitive loans. How does it work? Users save â…“ of their funding targets for a minimum of 3 months and Faciit gives them the remaining â…” as competitive loans.
We have more than 1,200 prelaunch signups and have built an MVP through which users can access live financial insights like affordability thresholds, liquidity ratios, and others through a dashboard.
Olaolu Olaleye – CEO
Kennedy Izuegbu – Software Engineer
Tobi Oluwafemi – Data Engineer
How Faciit works