On Tuesday, UK money management app, Pariti, announced it has teamed up with peer-to-peer lending platform, Zopa, to help millennials pay off their credit cards.
Pariti, which was authorized by the FCA this June, is currently seeking to be a “pioneer” a new “marketplace banking” model. Its app reportedly connects a user’s existing bank accounts, analyses their spending history and helps set a target for improvement. This in return enables the company to help the users to better understand their financial situation and deliver low financial products.
Sharing details about Pariti’s systems, founder Matt Ford stated:
“UK consumers are getting ripped off by credit card companies. Introductory offers, confusing fees, and unsuitable products have meant that people are paying far too much to borrow, and are getting stuck in high-cost debt. The product integration with Zopa allows us to proactively help reduce their cost of borrowing and pay off debt faster.The market desperately needs more transparent and consumer-orientated financial products, and we simply don’t see enough of this coming from the banks. The recent CMA investigation into retail banking highlighted the need for technology disruption and the benefits of open banking; this partnership with Zopa is a great example of how such a business model can work to really help benefit the consumer.”
Commenting on the new partnership, Zopa CEO, Jaidev Janardana, added:
“This latest partnership demonstrates the versatility of Zopa’s new loan API. The API is already being used in online retail, and the implementation of our Pariti partnership marks its first use in a fully integrated, in-app application process. Our own research shows that many consumers could save money by swapping out expensive credit card debt for a lower-priced Zopa loan, and by working with Pariti we are able to offer this service to even more consumers. We are very excited to be working alongside this likeminded financial disruptor to build the new generation of fairer, more transparent financial services.”
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Pariti, which was authorized by the FCA this June, is currently seeking to be a “pioneer” a new “marketplace banking” model. Its app reportedly connects a user’s existing bank accounts, analyses their spending history and helps set a target for improvement. This in return enables the company to help the users to better understand their financial situation and deliver low financial products.“This latest partnership demonstrates the versatility of Zopa’s new loan API. The API is already being used in online retail, and the implementation of our Pariti partnership marks its first use in a fully integrated, in-app application process. Our own research shows that many consumers could save money by swapping out expensive credit card debt for a lower-priced Zopa loan, and by working with Pariti we are able to offer this service to even more consumers. We are very excited to be working alongside this likeminded financial disruptor to build the new generation of fairer, more transparent financial services.”
