IT company TransUnion is to buy Monevo, a financial technology, pre-qualification and credit distribution platform.

With a customer base of over 150 banks and credit providers worldwide, Monevo is a platform that aims to enable lenders and banks to provide customised credit offers to consumers through comparison websites and other third parties.

The company enables comparison websites and other online brands, known as publishers, to place customised credit offers, with a particular focus on the UK and US.

The move comes after TransUnion acquired a 30 per cent minority stake in the company in 2021.

It has now agreed to acquire the remaining shares from FinTech Quint Group Limited, of which Monevo is a subsidiary.

Although the terms of the transaction have not been disclosed, it is expected that the transaction will be funded with existing cash and will not have a material impact on TransUnion's leverage, liquidity or operating results for 2025, according to a company statement.

The transaction is expected to close by the second quarter of 2025, subject to the satisfaction of customary closing conditions and regulatory approvals.

TransUnion said the acquisition comes as the company seeks to provide personalised online lending experiences amid growing demand.

Todd Skinner, TransUnion's international president, emphasised the company's commitment to strengthening trust in global commerce through secure transactions between consumers and organisations.

“Prequalification is an integral part of the consumer lending process,” he added. “It drives financial inclusion and responsible lending by helping consumers find more suitable products in less time.”

Steve Chaouki, president, US markets, TransUnion added that the partnership with Monevo during the past three years has helped address gaps in the consumer experience.

“We continue to make good progress on broadening our value proposition and go-to-market strategy in the direct-to-consumer business and expect to have more to share in the coming quarters,” he continued.

Greg Cox, chief executive of Quint Group and Monevo, said the deal is the natural next step in the company’s future growth and success to unlock opportunities for further innovation.

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