Fintechs DirectID and Faciit partner to make accessing credit easier
DirectID, the global credit and risk platform for risk managers, has announced a partnership with Faciit, an alternative lending solution for individuals without a UK credit history. This partnership utilises DirectID's open banking insights to assist people with new-to-country status in accessing affordable credit.
Faciit's save-to-borrow solution operates by requiring users to save one-third of their loan requirements for a minimum of three months. Following this, Faciit provides the remaining two-thirds as competitive loans. Faciit distinguishes itself from traditional lenders by not relying solely on bureau data to make credit decisions. Instead, the company employs DirectID's income verification, using open banking data to determine whether an individual can afford to repay the loan.
James Varga, CEO & Founder of DirectID, said:
Weâ€™re delighted to partner with Faciit to help new-to-country individuals access affordable credit using DirectID's open banking-powered insights. The partnership is perfectly placed alongside our mission to promote financial inclusion and responsible lending practices. By using open banking, we can enable better access to financial services for everyone, regardless of their credit history or financial status.
The partnership between DirectID and Faciit is rooted in their shared mission to promote financial inclusion. Faciit aims to provide new-to-country status individuals with the loans they need to achieve their financial goals, while DirectID believes everyone should have access to the financial services they need.
Olaolu Olaleye, CEO & Founder of Faciit said:
Our name Faciit means we facilitate it, and it sums up our mission to help create financial possibilities for those who will struggle otherwise. We are excited to partner with DirectID to deliver our complimentary missions of enabling financial inclusion.