Monese introduces Credit Builder functionality for the first time

Monese, the leading pan-European fintech, is expanding its offering with the launch of a new credit builder service for its UK clients.

After opening a waiting list in 2021, Credit Builder is now available and being used by select customers in an early access program before making it generally available to UK customers in the coming months.

Monese’s Credit Builder will enable customers to build their credit history and improve their reputation with the top three UK credit agencies and lenders. With a better credit history, customers can also access cheaper credit deals.

Credit Builder caters to those who have difficulty accessing credit because they are “invisible” and have little or no credit history. If you have never borrowed, which is particularly true for younger people, or if you have never borrowed in the UK, then you will not have a credit history with UK credit agencies. Credit-invisible consumers have fewer opportunities to borrow money. For example, asking friends or family for credit, applying for or forgoing expensive credit such as payday loans.

It is estimated that nearly 5.2 million people in the UK will be excluded from financial services in 2021 because they are ‘credit invisible’. (1)

Garrett Cassidy, VP Credit at Monese, said: “Customer feedback has made it clear that access to credit in the UK is an ongoing and real challenge. In the wake of the pandemic, we asked our customers what features they wanted most from an account. Access to credit has always come first. The problem is that many of them don’t get credit because they are invisible, so we can say with some confidence that our customers need Monese’s credit builder.

“Many of our clients are also gig workers, side-hustlers, creatives and daredevils who are struggling to get credit in the UK. We know that if anything happens to your bike, laptop or gear, your livelihood is at risk. Credit is a crucial factor in getting back on track and being able to make money and support themselves and their families.”

The launch of Credit Builder follows immediately after Monese, an FCA-registered financial services provider and lender to independent and self-employed workers, acquired Trezeo in December 2021.