Kiwi consumers are on their way to accessing their financial data more easily, thanks to the extended partnership between Equifax and Yonda – a New Zealand owned fintech. The partnership launches a new personalised credit scoring app to help Kiwis know, grow and protect their credit scores and more broadly build their financial wellbeing. Yonda will produce a free updated monthly credit score with personalised tips based on the user’s credit activity, to educate and help them reach their financial aspirations. The app will also provide credit security subscription products to protect a consumer’s identity, in response to the rise of credit fraud in New Zealand.
Angus Luffman, Equifax New Zealand’s Managing Director, sensed the opportunity to help an agile Fintech bring credit scores to a wider population. “Many New Zealanders feel like they’re left out of the credit conversation, only learning about their credit file and score when their application for credit has been declined. Equifax is proud to support Yonda as they add a new voice to the credit conversation, helping Kiwis live their financial best by making better decisions on their financial journeys.”
Open banking and credit-ready Kiwis
With the rising tide of open banking, the Yonda app will give consumers access to and control over their financial data when looking to apply for credit. Yonda will launch a consumer-driven marketplace later in 2022 with the intention of flipping consumer lending on its head in New Zealand. Yonda’s secure, data-rich platform will provide clarity and transparency for a user when it comes to interest rates and products across the full spectrum of financial services.
Partnering with Equifax has meant all the difference to Yonda, providing an entry point to a broad consumer group with broad challenges. Yonda’s CEO Tracey McKenzie says “I’ve always been really focused on financial wellness and can see Yonda giving Kiwis the right tools to better understand their unique credit situation. The key is understanding how to shape your credit profile and Yonda will help set that up.” McKenzie was initially inspired by the lack of general credit knowledge she found when dealing with Kiwi customers in financial services. With the shift in the way loans and banking are managed, moving increasingly to online applications, it “just made sense” to give credit scores the same treatment.
Kiwis who sign up for the app can immediately benefit from the supporting tools for Yonda users, starting with the identity security subscriptions and leading to tools such as FinView – a central hub for banking and investment data. The consumer focused financial marketplace will launch online later in 2022.
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Angus Luffman, Managing Director Equifax
“Many New Zealanders feel like they’re left out of the credit conversation, only learning about scores when they’ve been rejected from credit applications. Yonda, as a partner, adds a new voice to the credit conversation which we hope will help Kiwis make better decisions around their financial journeys.”
“Equifax has always looked at creating engaging, factual credit information for its clients. What’s good about this partnership is we can deliver the same credit data and advice, but utilise the Yonda channel to reach new audiences.”
Tracey McKenzie, Chief Executive Officer Yonda
“I’ve always been really focused on financial wellness and can see Yonda giving Kiwis the right tools to better understand their unique credit situation. The key is understanding how to shape your credit profile and Yonda will help set that up.”
“We’re a fintech with big ambitions to shake up the consumer credit market in New Zealand and help people get credit-ready, plus putting them in control of their financial situation”.
Equifax New Zealand
Equifax is a trusted data, technology and innovative analytics company that powers the financial future of individuals and organisations around the world. From a consumer credit company, Equifax has grown into a leading provider of insights and knowledge, which helps its customers make informed decisions. They currently organise, assimilate and analysis data for more than 820 million customers and 91 million businesses worldwide.
Yonda is a New Zealand-owned Fintech providing credit scoring insights, financial literacy and identity security via a single app-based solution. Yonda allows Kiwis to easily access credit scoring and reporting information, will keep their identity secure from identity fraud and help them make better financial decisions.