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FinTech startup Pariti and Zopa partner up to help wipe Millenial debt

London-based startup Pariti has announced a new partnership with loan provider Zopa that aims to help Millenials clear spiralling credit card debt.

The money management app, which is building the ‘marketplace bank’, has announced the new partnership as part of a number of planned product integrations which the firm hopes will help users manage their money better.

Pariti works by connecting to a user’s existing bank accounts and savings, analysing their spending habits and setting targets to help them get a better idea of their finances and bring their debt levels down.

Today’s agreement with Zopa will see the the peer-to-peer loan provider integrate its products with the startup’s app, allowing users to see whether they could be paying less for their debt without impacting on their credit score.

Users will also be able to apply for Zopa loans directly through the app.

Matt Ford, Pariti founder commented: “UK consumers are getting ripped off by credit card companies. Introductory offers, confusing fees, and unsuitable products have meant that people are paying far too much to borrow, and are getting stuck in high-cost debt.

“The product integration with Zopa allows us to proactively help reduce their cost of borrowing and pay off debt faster.”

Zopa’s Chief Executive Officer, Jaidev Janardana, said that the new collaboration attested to the versatility of Zopa’s new API which allows it to integrate with other financial services products.

He added: “The API is already being used in online retail, and the implementation of our Pariti partnership marks its first use in a fully integrated, in-app application process.

“Our own research shows that many consumers could save money by swapping out expensive credit card debt for a lower-priced Zopa loan, and by working with Pariti we are able to offer this service to even more consumers.

“We are very excited to be working alongside this likeminded financial disruptor to build the new generation of fairer, more transparent financial services.”