Credit, collections & insolvency news
TransUnion has announced that it has signed a definitive agreement to acquire Monevo, a credit prequalification and distribution platform that empowers lenders and banks to deliver highly personalised credit offers to consumers via comparison websites and other third parties. TransUnion currently owns 30% of the equity of Monevo after acquiring a minority stake in 2021 and…
Read more
ClearScore has announced that it has acquired Aro Finance, pending FCA approval. Clearscore says that the acquisition also brings significant capability in secured lending by adding secured loan brokerage to its core proposition. Serving nearly 24 million users around the world, ClearScore’s proprietary technology platform works by matching users to credit cards, loans and car finance…
Read more
Digital homebuying platform, OneDome, has announced that it has acquired mortgage broker, Coreco Group (subject to FCA approval), for an undisclosed seven figure sum. The current Directors, Andrew Montlake and Julian Ingall, along with the Coreco Management Team, will remain in their roles to spearhead an ambitious growth agenda. Andrew and Julian will also join…
Read more
Credit management firm, Pepper Advantage has announced that its owner Pepper Global has entered into an agreement to sell the business to private investment firm J.C. Flowers & Co subject to regulatory approvals and customary closing conditions. The transaction is expected to be completed in the first quarter of 2025, pending regulatory approvals and other…
Read more
Barclays has announced thatit hassuccessfully completed its £600m acquisition of Tesco Bank following high court approval. The acquired business includes credit cards, unsecured personal loans, deposits and the operating infrastructure which, following completion of the acquisition, will continue to be operated under the ownership and management of Barclays UK. The new partnership will see Barclays…
Read more
Aryza Group has announced it has acquired Axcess Consulting, an Australian headquartered provider of loan management software to blue chip financial services companies across Australia, UK, Ireland, Asia and Canada. Founded in Geelong in 1991, the Axcess platform is a scalable SaaS offering designed to help, non-bank lenders manage loan origination, underwriting, servicing and investment…
Read more
Solaris Law, part of the Azzurro Group, completed the acquisition of Shoosmiths’ business-to-business recoveries division (in England & Wales), formally merging the two teams and moving to modern new offices on the Solent Business Park, Whiteley. The announcement is the first part of a two-part transaction that will ultimately lead to Solaris Law becoming one…
Read more
Natwest Group has announces that it has entered into an agreement with Sainsbury’s Bank to acquire the retail banking assets and liabilities of Sainsbury’s Bank which comprises its outstanding credit card, unsecured personal loan and saving accounts. NatWest Group expects to acquire approximately £2.5 billion of gross customer assets, comprising £1.4 billion of unsecured personal…
Read more
The Competition and Markets Authority (CMA )is investigating the anticipated acquisition by Nationwide Building Society of Virgin Money. Nationwide’s £2.9bn takeover bid for Virgin Money would create the second-largest mortgage lender in the UK. The CMA says its investigation will examine whether the move will result in a substantial lessening of competition within any market…
Read more
Coventry Building Society has agreed to a takeover of the Co-operative Bank for £780 million under the agreement the firms have signed a share purchase agreement under which the building society will acquire the entire issued share capital of Co-operative Bank. The combined group will be led by the mutual’s chairman David Thorburn and…
Read more
G3 Vehicle Auctions has announced the acquisition of the Cazoo Wholesale business to create a new G3 Bedford auction facility as part of their ongoing UK expansion plan. G3 have acted swiftly to secure the premises, land and existing experienced remarketing team from Cazoo along with other software assets, to add to their established G3…
Read more
Digital bank Chetwood Financial has announced it has completed the acquisition of the buy to let mortgage lender CHL Mortgages for Intermediaries (CMI) from Barossa Asset Purchaser Sarl (Barossa). Chetwood entered a competitive bidding process to acquire the lender, which trades as CHL Mortgages, to grow a well-regarded business and access its experienced mortgage lending…
Read more
Evolution Funding has exchanged contracts to acquire motor finance broker Creditas Financial Solutions, subject to FCA approval. Founded in 2007 by Andy Shaw and headquartered in Leeds, Creditas employs 60 staff and oversees four Appointed Representatives. Taking an innovative go-to-market approach, Creditas has leveraged commercial advantage and market share by uniquely championing an appointed representative…
Read more