New Partnership: Experian and Subaio Join Forces for Better Credit Assessments

Aalborg, September 23, 2024 - The credit company Experian has just entered into a strategic partnership with the fintech company Subaio in the Nordics. As the requirements for lenders continue to tighten, it’s essential to gain deeper insights into a potential borrower’s creditworthiness.

Subaio handles transaction data using the PSD2 directive from a wide range of Europe’s leading banks. By utilizing Subaio’s data-driven engine to analyze recurring payments, Experian will be able to provide an even stronger and more accurate foundation for credit assessments in Denmark, Norway, Sweden, and Finland.

In collaboration with Experian’s extensive insights into the credit market from sources like RKI and the debt registry KreditStatus, it will become easier and more accurate for lenders to assess the creditworthiness of a potential or existing customer in the future.

“The collaboration with Subaio is an important step forward in our mission to deliver first-class financial solutions for both businesses and consumers. Subaio’s expertise in open banking and transaction-based budgeting strengthens our ability to offer a more precise and personalized foundation for credit assessments to our customers. The agreement is a significant step toward improving transparency, tailored solutions, and an enhanced customer experience, further supporting our message around responsible lending,” explains Bo Rasmussen, Director at Experian.

For Subaio, the partnership is particularly special: “The partnership represents another major milestone. With Experian as a partner, we can leverage their extensive network to boost our current growth and open the door to exciting new business opportunities,” adds Frederrick Hamann, Chief Commercial Officer at Subaio.

“It is a significant advantage for the average consumer that credit assessments can now become even more accurate, as it allows credit to be granted to those who can maintain and repay a loan. Conversely, it also makes it easier to prevent borrowers from incurring debt they cannot afford to repay. Responsible lending is important for the economy of society as well as for individual personal finances,” says Bo Rasmussen, Director at Experian.

At the same time, the partnership reinforces Subaio’s position as the leading provider of white-label financial solutions to major European banks and financial actors in the credit industry.

“The market has always trusted us as the best, but the partnership with Experian confirms our superiority,” concludes Frederrick Hamann, Chief Commercial Officer at Subaio.

A crucial advantage of this solution is that consumers can now more easily grant lenders access to their budget data when applying for a loan. This means that the process for both the consumer and the lender is automated and significantly shortened, making it far less burdensome for both parties.

Beyond Denmark, Experian has secured exclusivity on Subaio’s credit solution in the Nordic market. This exclusivity ensures that Experian can better meet the specific needs and requirements of lenders. Ultimately, this gives Experian and Subaio a competitive edge, as the combined solution is unmatched by other players in the credit assessment market.

By utilizing transaction data, lending companies can achieve significant benefits through improved customer insights and more opportunities for personalization. Risk mitigation and decision-making processes will be significantly refined, resulting in accurate credit assessments. Transaction data also brings substantial improvements to the KYC (Know Your Customer) process, an important tool in the fight against fraud.