TotallyMoney launches Fintern via API integration in four days

TotallyMoney, the credit app that helps everyone move their money forward, announces new API integration with digital consumer lender, Fintern.

• Fintern leverages open banking and AI to bring affordable lending to a wider audience
• Eligibility checking allows customers to apply with greater confidence
• Guaranteed rates means they knowing exactly how much they’ll need to repay
• TotallyMoney welcomed its 4 millionth customer and announced £9 million investment in November

The two fintechs collaborated to launch the latest TotallyMoney API integration in less than one week, meaning millions more can access the product.

Putting the API in rapid integrations

TotallyMoney’s API integration with Fintern harnesses the power of customer data, making sure it works for them and not against them.

This starts with TotallyMoney’s proprietary MatchFactor algorithm, which ranks products based on what’s best and most suitable for its customers. Eligibility checking allows customers to apply with greater confidence, knowing their chances of being accepted. At the same time, guaranteed rates means that a customer will know how much their borrowing will cost them before they apply.

TotallyMoney’s pre-API filters and actionable insights allow Fintern to optimise performance based on data-driven recommendations. When it comes to decision making, Fintern leverages open banking data and AI to analyse their customers’ transaction data, allowing them to open up affordable lending to a much wider audience. This comes at an important time, with many feeling the squeeze of soaring inflation and a looming rise in interest rates.

Qin Su, TotallyMoney Commercial Director comments,

“TotallyMoney wants customers' data to work for them and not against them. Fintern is able to harness the power of open banking to make lending decisions. 

“Our ability to integrate Fintern via an API in just a few days shows our intent to be the go-to-market partner of choice. By bringing new products to our service with features such as eligibility checking and guaranteed rates, we’re championing transparency. And together this shows our dedication to responsible growth.

“TotallyMoney is on a mission to help everyone move their finances forward. And by introducing new products to our service while utilising additional data sources for credit decisioning, we’re able to offer our customers even more options. Not only this but we are also able to provide some customers who might not be seeing any offers a new and affordable form of credit, to help them move forward and achieve their financial goals.”

Dr. Michelle He, Co-Founder and COO of Fintern,

“We’re extremely excited to be partnering with TotallyMoney. When we first spoke, it was clear that we both share a mission to expand access to low-cost personal finance and improve the financial lives of millions across the UK. This partnership is a great step in the right direction.”

#ENDS

About Fintern

Fintern was founded in 2020 by Gerald Chappell and Dr. Michelle He with a team from McKinsey, EY, Bank of America Merrill Lynch, HSBC and XiaoMi. Fintern launched publicly in March 2021 after raising £32m in debt and equity.

Fintern is authorised and regulated by the Financial Conduct Authority, firm reference number 929244, a member of Cifas (the UK's leading anti-fraud association) and registered with the UK Information Commissioner's Office in compliance with the Data Protection Regulations 2018.

For more information, please contact the press team

About TotallyMoney

TotallyMoney is the credit app on a mission to help everyone move their finances forward.

With over four million customers and a focus on the,one in three UK adults financially under-served by the credit industry.

TotallyMoney believes people’s financial data should work for them, and not against them. Its service provides a free live credit report and score to help customers understand their financial position, and personalised recommendations so they can start creating financial momentum.

TotallyMoney works closely with leading lenders, to ensure eligible customers are matched with the right products, underpinned by its robust data, product and tech capabilities.

TotallyMoney is regulated by the Financial Conduct Authority (FCA).