Consumer lender Nava hires Equifax to boost underwriting
NAVA has hired consumer credit agency Equifax to support its underwriting capabilities, ahead of its imminent launch.
The UK consumer lender, which connects institutional investors with individual borrowers, said that Equifax’s solutions would support its credit analytics, credit scoring and applicant ratings. The real-time data which Equifax provides will support the platform with its lending decisions while managing risk, it said.
Nava is set to launch later this quarter after two years in development and testing. The platform argues that there are around 14 million people in the UK who are underserved in the traditional lending market.
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“The data and customer insight which Equifax provides will strengthen our commitment to lending responsibly to a broad range of UK borrowers,” said Joseph Dlutowski, co-founder and chief financial officer of Nava.
“Nava has been built on deep customer analytics and a desire to lend in a fair and flexible manner, a stark contrast to some banks. Equifax will support this capability, improve the customer experience and minimise risk.”
“This appointment by Nava demonstrates that Equifax is well positioned to provide solutions to a wide range of lenders, including new, innovative and forward-thinking organisations,” said Karl-Magnus Wadsack, principal consultant for alternative lending at Equifax.
“Nava is taking a unique approach to credit analytics and we welcome that new entrants are focused on improving the underwriting process to benefit the consumer.”