247 Money Signs Long-term Extension Deal with EQ Credit Services
With demand for consumer car finance continuing to grow at pace as the UK emerges from Covid lockdown restrictions, 247 Money – fresh from its innovative £305m securitisation deal with NatWest and East Lodge Capital – can today announce a significant long-term deal extension with EQ Credit Services part of Equiniti Group plc.
247 Money, which operates alongside online car finance marketplace CarFinance 247, has invested heavily in technology during the pandemic to re-affirm its place as a leading non-bank lender. The re-appointment of EQ Credit Services, the UK’s leading consumer credit technology and outsourced services provider, confirms 247 Money’s engagement with the EQCS digital loan and collections platform for a further seven years.
The extension follows a successful three-year partnership, with EQCS providing 247 Money with a flexible API-led credit servicing platform and collections services. 247 Money can now integrate Open Banking technologies to better demonstrate affordable and achievable lending, with real-time data allowing a more accurate understanding of consumers in a quick and personalised way.
The continued relationship will enable EQCS to further support 247 Money, part of the Manchester-based 247 Group, in its ambitious growth plans and aspiration to become one of the market leaders. Over the course of the partnership, 247 Money has been able to develop its finance options.
Louis Rix, Co-founder of the 247 Group, commented on the extension saying: “Digitisation of the car financing industry continues at pace, and we are squarely at the vanguard of technology, investing in cutting-edge systems and operations to provide consumers with a truly personalised, fully-integrated digital experience. The 247 Group is now well-placed to capitalise on this investment, and extending our agreement with EQ Credit Services was an easy decision. Their digital platform has enabled us to provide more loans to more consumers seeking finance with a seamless and positive user experience. By continuing to partner with EQ Credit Services, we can ensure that we are connected to our consumers and continue to offer them the very best experience.”
Richard Carter, Managing Director at EQ Credit Services, 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.”