Open finance partnership platform Mmob, which works with alternative lenders such as Iwoca, has received Financial Conduct Authority (FCA) authorisation.
The firm has been approved for payment and account information service provision so it can now enable financial institutions and fintechs to roll out third-party products and services that complement their core propositions.
Mmob’s partners can use the consumer data to automate processes, such as pre-filling application forms and card details, and setting up direct debits.
“We exist to solve the problems surrounding partnerships,” said Irfan Khan, chief executive of Mmob.
“Whilst there is a strong appetite to drive innovation, onboarding valuable third party services is typically slow and can feel steeped in risk.
“By utilising the data at their fingertips, our partners will gain the insight needed to create tailored, seamless experiences that increase retention and service stickiness, and reduce the abandoned baskets that typically accompany less sophisticated user journeys.
“Mmob’s intelligent platform ensures partnerships between our commercial partners and network of third-party service providers are simple to set up, equitable and rewarding for everyone involved in the ecosystem.
“The regulatory approval is an important validation of our approach and critical to our delivering value. With it, we now have everything we need to ensure partnerships thrive by utilising customer data in a way that benefits both our partners and their users.”