JaJa Finance signs with Bud for open banking data
Jaja Finance (Jaja), the digital lender, has signed a partnership deal with Bud Financial Limited (Bud), the Open Banking and data intelligence leader, to become its Open Banking partner. As part of the deal Bud will support Jaja with its affordability assessments within the credit card application process.
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The partnership will open up greater access to credit and drive financial inclusion, by making credit available to those who might otherwise be declined using traditional decisioning methods, or those who are simply wishing to improve their credit score. The deal comes at a time when the pressures of the cost-of-living crisis continue to bite, and consumers are becoming more reliant on their credit providers to make the right lending decisions at the right time.
Incorporating Bud’s API solution, with its market-leading data aggregation and categorisation capabilities, will give Jaja greater insight into a customer’s financial profile, reducing the reliance on conventional practices while maintaining its sophisticated screening processes. The partnership will provide the digital credit card provider with a level of decisioning data that goes above and beyond the information available to credit rating agencies.
Lucas Dalglish, Chief Commercial Officer at Jaja Finance says: ‘Partnering with Bud means we can not only widen access to credit for UK consumers, and those that need it most, but we will also have the tools and functionality necessary to aid financial inclusion and ensure our customers’ financial health with real-time data.
“The partnership is part of our mission to becoming the UK’s leading digital lender. We believe our partnership with Bud will make a significant impact on giving people more access to credit and providing them with the tools they need to manage it well.”
Eloise Taysom, VP of Product at Bud says: “We’re thrilled to partner with Jaja Finance to support their mission of making credit simple. By leveraging our market-leading transactional data intelligence capabilities, we can help Jaja make more informed lending decisions that benefit consumers who might have been overlooked in the past.
“We’re excited to provide Jaja with our API solution for data categorisation and insight capabilities, which will offer real-time insight into customers' financial profiles.
“This partnership represents a significant step forward in making credit more transparent and accessible to all.”
The partnership comes as Jaja continues to deliver on its accelerated growth plans following the launch of the Asda Money Credit Card and Asda Money Select Credit Card, a credit builder card aimed at those customers wishing to improve their credit score. This is yet another milestone in the digital lender’s path to fueling its growth.