Equifax UK has announced today a new partnership with Spear Technology, (parent company to The Yes Catalogue, New Is Nice & Flava), a market leader in the provision of short-term credit facilities & Buy Now Pay Later. The collaboration will see both companies operating together to identify and help customers at financial risk.

With increased financial pressure being placed on consumers, lenders such as Spear Technologies help to alleviate some of the financial burden through their product offerings. Using Equifax's solutions, Spear Technologies will provide traditional credit and BNPL products to the market.

The goal of the partnership is to leverage data and technology to on-board more customers responsibly using traditional credit data and transactional, Open Banking data. Credit and affordability checks for customers will enable Spear to provide access to credit in an underserved market, whilst building a better picture of their consumers' financial health.

Richard Seal, BNPL Lead at Equifax UK, said: “With the cost-of-living crisis putting UK households under financial pressure, the importance of lenders using data to build knowledge on their customers cannot be overstated, which is why we're excited to be working with Spear Technologies, a market leader in short term credit products & BNPL”

“Collaborations like this are critical for both the lender and the consumer. Our own research has revealed that there is a clear need for greater transparency regarding consumers' credit and affordability risks within the industry, especially as people seek short-term loans or alternative credit facilities to ease financial stress. As a result of this collaboration, we will have more consumer information including for customers who are thin file or from underserved segments, using which we will be able to drive better consumer outcomes.”

Andrew Perry, Director at Spear Technologies said “This collaboration with Equifax could not come at a better time for us as we consider future opportunities in the near prime market. As we look ahead to our own expansion, data will play a critical role in funding this key audience. Our customers remain our top priority and preventing them from becoming indebted is critical. Through this partnership, we can continue to provide finance to those who would not otherwise have access to this type of lending whilst also ensuring that we are keeping their best interest at the forefront.”

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Notes to Editor:

Spear Technology is the parent company to;

● https://yescatalogue.co.uk 

● https://flava.co.uk 

● https://newisnice.com 

ABOUT EQUIFAX:  

At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 14,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. Equifax Ltd is one of the Equifax group companies based in the UK. 

Equifax Ltd is authorised and regulated by the Financial Conduct Authority. For more information, visit Equifax.co.uk and follow the company’s news on LinkedIn.