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Fintern is building a radically different approach to consumer lending. Fintern is a UK consumer lender which aims to expand access to low cost personal credit by using the UK’s new Open Banking standard to analyse consumers’ historical bank statement data. Open Banking data allows us to build a granular view of customers’ financial circumstances, properly understand their affordability, and place less reliance on credit reference agency scores. By smartly connecting the dots in consumers’ banking data, largely ignored by other lenders, we can: – obtain the most accurate view of borrowers’ affordability and spending behavior using up-to-the-minute transaction info – qualify more people for low-cost loans, and provide flexible and dynamic credit on demand – provide insights on affordability and debts back to consumers, showing how they can use their financial capacity to minimise their total cost of borrowing and become debt free faster

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