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New lender powered by open banking to “bypass credit scores”

Fintern, a consumer lender that utilises artificial intelligence (AI) and open banking, has launched today (March 8).

The new lender will provide loans of up to £5,000 to customers excluded by banks. Fintern aims to serve half a million consumers in the UK and originate £1bn of consumer loans by 2025. The firm said that 20,000 people have pre-registered to apply.


The alternative lender will use technology to “bypass credit scores” in making lending decisions and instead, “focus on affordability.”


Fintern received its FCA authorisation as a regulated consumer lender in February this year.


Gerald Chappell, chief executive and co-founder of Fintern, said: “Our AI-powered technology helps us and all our customers to understand their finances in a deeper, more hands-on way than ever before. This approach allows us to increase approval rates, lower APRs and empower our customers to make the best and most responsible borrowing decisions for them."


Dr Michelle He, chief operating officer and co-founder, said: “Integrating AI and open banking data disrupts credit decisioning for the better of all customers. The Fintern app is a unique experience.”

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