Younited selects Tink to expand instant credit offering in Europe

By Gloria Methri

Younited has joined forces with open banking platform Tink to offer instant credit to more consumers and businesses in Europe.

Through Tink’s data aggregation and pan-European connectivity, Younited will receive up-to-date financial data of customers within seconds and process credit applications instantly.

This enables Younited to feed relevant data into its own AI-based algorithms to compute a holistic, accurate, and up-to-date view of applicants’ spending habits and income streams.

Data-driven lending processes simplify affordability assessments, and by using bank account data to get a more rounded view of an applicant’s finances, it also makes sure that better credit is offered to customers. Moreover, the usage of open banking connectivity allows a much simpler experience for the customers, with fewer documents to share and a faster process overall.

Operating in five countries (France, Spain, Portugal, Italy, and Germany), Younited has led new disruptive technologies, such as applying open banking to credit decisioning for consumers, banks, FinTechs, and merchants.

Camille de Mari, Director of France, Banking & Lending at Tink, said, “Having a full and up-to-date picture of someone’s financial situation is crucial when it comes to making an accurate credit risk assessment. With capabilities made possible by open banking, our connectivity across Europe means Younited can instantly access up-to-date transaction data, ensuring that they can give customers access to the financial services they deserve, at speed.”

François de Bodinat, CPO at Younited said, “Anyone seeking credit, whether for a loan or a retail purchase, deserves an ultra-fast and hassle-free experience. Thanks to open banking capabilities and our partnership with Tink, we are now able to deliver this promise of instant credit decisions at scale – a first in Europe. We are already serving more than a million customers, and together with Tink, we will expand our services across Europe.”

Younited and Tink have also expanded their collaboration to offer financial coaching. Using the same open banking data that supports Younited’s lending decision, customers can instantly access Younited Coach, which offers a free, personalised analysis of their financial situation as well as tips and recommendations to help them manage their overall budget effectively.