Feb. 14, 2019
Aire, a U.K.-based fintech specializing in using machine learning to broaden credit access, has entered a reseller deal with Experian, to help underserved consumers gain access to financing.
The companies have been working with online retailer N. Brown as a proof of concept to integrate Aire's credit insights with Experian's PowerCurve credit decision platform to help make credit decisions, according to a spokesperson.
N. Brown focuses on selling apparel to underserved consumers, including over age 50 and over size 20. The retailer sells under the brands JD Williams, Simply Be and Jacamo. The retailer is now rolling out the service to its customers.
The Aire spokesperson said the integrated system is designed to help consumers that have thin files, or little to no credit. The company is not trying to put consumers with weak credit histories into more debt, but provide a more nuanced decision for consumers who might otherwise be denied credit because of their limited credit history.
The agreement will let Experian work with all of its clients on expanded access. Aire works with several different types of credit decisions, including banks, auto loans, credit cards, mortgages, retail financing.
The announcement comes less than a month after Aire raised $11 million in Series B funding, led by Crane Venture Partners, Experian Ventures and Orange Digital Ventures. That funding is being used to expand the company's services into the U.S. and make further investments into its credit insight engine.
Topics: Financial News, Mobile Banking, Region: EMEA, Retail
Companies: Aire
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