EQ Credit Services (EQCS) appointed by 247 Money for a further seven years to support ambitious growth plans
Fully scalable loan servicing and collections platform with nearly £50million of loans completed in the last 12 months
Innovative flexible API-based platform will lead to greater integration and better customer experience
EQ Credit Services, the UK's leading consumer credit technology and outsourced services provider, is pleased to announce a new seven year contract to provide a digital loan platform and collections services to 247 Money.
The deal follows a successful three-year partnership where EQCS provided its API-led credit servicing platform and collections services to 247 Money. This helped take the Manchester based specialist car finance provider from a start-up brand to a major industry player, completing almost £50m in loans over the last 12 months.
Following the announcement of 247 Money's private securitisation to allow a further £305m facility for new lending, the EQCS deal also includes standby servicing to support this new book.
EQCS's technology means 247 Money can integrate with Open Banking to demonstrate affordable lending. Access to this real-time data will allow a more accurate understanding of customers with a greater level of personalisation - imperative given today's fluctuating economy and tighter regulation.
Richard Carter, managing director at EQCS, said: 'Over the last three years, our partnership with 247 Money has seen it grow to become one of the industry's major players and we expect that trajectory to continue as it strives to offer a greater level of personalisation to customers.
'Our continued investment in R&D demonstrates the capabilities of EQ Credit Services to provide products that can support our clients in their growth and be flexible to cater for their short, medium and long-term strategies.
'Our cost-effective, API-led solution is enabling lenders to enhance automation, customer self-service and operational scale and efficiency, while remaining compliant with regulation.'
Alex Hurst, managing director of 247 Money said of the deal: 'Our commitment to our customers is to make car finance a straightforward and positive part of the car buying process. By continuing to partner with EQ Credit Services, we can ensure that we are connected to our customers and continue to offer them the best experience available.'
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About EQ (Equiniti Group plc)
EQ is an international technology-led services and payments specialist. With over 5,000 employees, it supports 36 million people in 120 countries and serves c.70% of the FTSE 100. EQ's purpose is to care for every customer and simplify every transaction, delivered with less of an impact on the environment.
EQ is listed on the London Stock Exchange as Equiniti Group plc.
Find out more https://equiniti.com/
EQ serves clients and customers through four divisions:
EQ Boardroom: Share registration, governance and investor relations advisory, and employee benefits services
EQ Digital: Helping regulated businesses and Government to manage customers through innovative digital solutions
EQ Paymaster: Pensions, annuities, flexible benefits and payroll for the UK's largest public and private sector organisations
EQ U.S.: Transfer agency, equity compensation services and digital solutions for U.S. firms; serving the world's leading brands since 1929
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About 247 Money
Founded by brothers Reg and Louis Rix, 247 Group operates in the United Kingdom through a number of consumer-facing brands including 247 Money and CarFinance 247.
Founded in 2018, 247 Money is a fast-growing car finance provider that leverages its data science capabilities and industry-leading technology to put consumers in control of their finance options. The highly skilled team is dedicated to providing a personalised service that supports consumers with open and honest communication throughout the loan life cycle.
CarFinance 247 is the UK's leading online car finance marketplace. The business has a laser-like focus on enhancing the digital consumer experience and has integrated with a panel of lenders to find the best rate for consumers nationwide. To date, CarFinance 247 has helped over 200,000 people find and finance their perfect vehicle, with the company employing over 450 industry professionals in Manchester.