Member Article

New P2P platform Flender appoints Equifax to help underwrite UK SME loans

Recently launched peer-to-peer (P2P) lending platform, Flender, has appointed business insight firm Equifax Limited to support its UK SME lending.

The agreement will see Equifax provide support underwriting for the London and Dublin-based firm’s SME loans, providing real-time consumer and commercial data to automate and optimise the process.

Utilising Equifax’s Business Insights product, the partnership will give Flender a more ‘holistic’ view of SME loan applications which theoretically should improve the security and quality of their lending.

Flender launched earlier this year, offering P2P lending for businesses and individuals on its platform, and allowing users to crowdfund cash from their social contacts.

Kris Koik, Chief Executive Officer at Flender, said: “We see Equifax as the primary bureau in the alternative lending sector and they were the clear choice for us. We’re the only P2P provider that allows you to lend money while integrating social circles into the process.

“We’re doing things differently and Equifax has a proven track record in working with lenders on flexible solutions at the early stages of their development. The combination of extensive consumer and commercial data that Equifax provides will be vital in enabling us to meet our targets, both in the UK and as we expand into Europe.”

Andrew Hullock, Head of New Business – Alternative Lending at Equifax, said that competition in SME lending markets ‘needs to improve’, and that new entrants like Flender were a ‘healthy addition’ to the landscape.

He added: “This partnership represents our continuing commitment to the alternative lending sector and our support for new and innovative entrants to the market.”