The truth is out there with TrueLayer and TruNarrative picking up separate fintech deals with London-based firms.
Open banking platform TrueLayer will help credit firm Tymit with bank payments for its Credit and Booster customers.
Recognise Bank, a business lender and savings provider, has turned to TruNarrative to revamp the onboarding process for its SME business lending customers.
Tymit Time for TrueLayer
Tymit sees itself as an alternative to credit cards or loans. The Tymit Card allows customers to plan their spending, while Tymit Booster offers a way for consumers to build a better credit score through timely repayments on purchases.
The fintech firm has integrated TrueLayer into its app. As a result, Tymit Card customers can make repayments through instant account-to-account payments. Tymit Booster customers can use open banking to make their initial refundable deposit.
Nick Tucker, Head of Financial Services at TrueLayer, comments: “Millions of people in the UK have faced a user experience that makes it difficult to anticipate the total cost of purchases. Millions more have been left behind due to thin credit files. Working with a firm like Tymit that is delivering a more transparent, fee-free and customer-friendly approach to credit, is exciting. It has recognised that offering instant payments creates an opportunity to develop a deeper and more positive relationship with its customers.”
Fintech unicorn TrueLayer is truly doing well.
Earlier this month it announced a collaboration with wealth management app Chip. Other successes include Watches of Mayfair, financial app Curve, CMC Markets, Thunes, digital bank Zopa, The Credit Thing, Monoova in Australia, Lemonade Finance, MogoPlus, Douugh, ETX Capital in London and investment platform Tillit.
TruNarrative Gets Recognition
TruNarrative is a LexisNexis Risk Solutions company and was featured in our ‘Tech Companies in Leeds to Watch’ here.
The bank, which received its full authorisation in September 2021, is a digital entity targeting the UK’s 5.5 million SMEs. It combines a national network of relationship managers with cloud-based banking technology. It faces a tough market as Bank North, mibanc, Mettle, GB Bank, Soldo, Tide, Starling, Monzo and Revolut are also on the hunt for SME action.
The LexisNexis RiskNarrative platform will be used for the onboarding of new business borrowers by digitising a range of anti-money laundering and know your customer processes, some of which were previously carried out manually.
The RiskNarrative platform is used by banks, lenders, e-commerce providers and payments services firms to onboard customers, detect fraud and identify risk via a single API.
Recognise Bank is making progress as in May it got £8.7 million in new capital. It is a subsidiary of the City of London Group, which is an AIM Listed Company involved in the provision of financial services.
In February, challenger GB Bank chose TruNarrative to provide a suite of customer onboarding and transactional risk compliance capabilities.