Ophelos and Plend partner to help improve financial inclusion
Debt resolution company Ophelos announce they have partnered with ethical consumer lender Plend to help improve financial inclusion. With similar missions and values, both UK fintechs are committed to building fairer financial solutions, their business models are designed for social impact and they both put the customer at the heart of everything they do.
Plend are bringing affordable loans to the 13 million people in the UK who are held back by their unreliable or inaccurate credit files. When going off traditional financial credit scoring systems, millions of us are virtually invisible to the financial system. Being locked out of credit increases the risk of financial hardship and exclusion, with expensive payday loans seeming like the only option, and has a knock-on impact on everything from health and housing to education and career.
Instead of relying on credit scores alone, Plend utilise their own proprietary Open Banking engine to assess creditworthiness, building up a more personalised picture of an individual’s finances through their bank transaction history and spending behaviour, and providing customers with an economical alternative to eye-watering credit solutions.
Ophelos will be helping Plend to support any customers who happen to find themselves in arrears, guiding them through Ophelos’ AI-driven digital journey and working to boost their financial health with affordable, personalised plans and the highest degree of support. Ophelos’ machine learning technology will help to flag up potentially vulnerable customers as well as provide Plend with key insights on their customer’s financial wellbeing.