Monevo Acquired by TransUnion in FinTech Expansion
Deal News | Jan 08, 2025 | Business Cloud
US credit reporting firm TransUnion has announced an acquisition deal to fully acquire Monevo, a Cheshire-based FinTech company known for its credit prequalification platform. Monevo, which is headquartered in Alderley Park, offers services that enable lenders and banks to deliver personalized credit offers to consumers, thus facilitating responsible lending and financial inclusion. TransUnion, which already owns 30% of Monevo's equity following a minority stake acquisition in 2021, plans to buy out the remaining shares from Quint Group Limited, Monevo's current parent company. The acquisition, expected to conclude by Q2 2025, will enable significant future growth and opportunities for innovation within the credit distribution sector. Despite the financial specifics of the transaction being undisclosed, the acquisition aligns the values of both firms and promises to enhance outcomes for global consumers seeking credit solutions.
Sectors
- Financial Services
- FinTech
Geography
- United States – TransUnion, the acquiring company, is headquartered in the US and plays a significant part in the transaction.
- United Kingdom – Monevo, the target company, is based in Alderley Park, Cheshire, UK, and is being acquired by TransUnion.
Industry
- Financial Services – The article focuses on the acquisition of a credit reporting and prequalification platform firm, highlighting advancements in consumer lending and financial technology.
- FinTech – Monevo operates within the FinTech sector by providing technology solutions for credit distribution, making it a significant focal point of the acquisition.
Financials
- Undisclosed – The terms and financial specifics of the acquisition have not been disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| TransUnion | Acquiring Company | Company | A US-based credit reporting giant with a plan to expand through the acquisition of Monevo. |
| Monevo | Target Company | Company | A Cheshire-based FinTech firm providing credit prequalification platforms to consumers. |
| Quint Group Limited | Selling Company | Company | The company selling its remaining equity in Monevo to TransUnion. |
| Todd Skinner | President, International at TransUnion | Person | Provided statements on the acquisition, emphasizing consumer trust and financial inclusion. |
| Greg Cox | CEO of Quint Group and Monevo | Person | Commented on the future growth and opportunities from the acquisition. |