TrueLayer makes Zopa an open banking player
The latest deal quickly follows on from January, when TrueLayer integrated with UK challenger bank Monzo to offer access to account data via an API.
In this new development, Zopa has launched an income verification process using TrueLayer’s API and platform.
The new feature makes applying for a loan “quicker and easier” by verifying a customer’s income by pulling in transaction data from their bank account rather than the manual process of uploading a document.
Marie Steinthaler, head of new products at Zopa, says through the partnership it has created a “streamlined and secure process” and has “already seen very promising uptake from customers choosing to verify their income using this method”.
TrueLayer says business can verify identity and account ownership using existing customer data; view accounts, check balances, and access transaction history; query bank accounts and cards to build applications; and mitigate fraud and enhance credit scoring modelling using income and expenses data from users’ bank account.
TrueLayer was founded in 2016 by serial entrepreneurs, Francesco Simoneschi and Luca Martinetti. According to the firm, it has received $4.4 million in funding in various round of investments from VC firms, including Anthemis Group and Connect Ventures.