UK’s Hope Macy completes purchase of lending software specialist Slick Solutions
Hope Macy, a UK-based credit reference agency and open banking solutions provider, has completed its acquisition of lending software specialist Slick Solutions for an undisclosed sum.
Hope Macy buys Slick Solutions
The purchase will see Hope Macy merge its consumer technology for retail banks with Slick Solutions’ full-service loan origination platform.
Supporting a configurable credit decisioning engine, payment gateway, customer portal and affordability assessment tools, the hosted software platform currently automates the entire loan lifecycle for over 20 lenders, credit unions and retail banks.
The offering will now be paired with Hope Macy’s machine learning APIs, which predict the likelihood of a consumer defaulting on a loan, providing an alternative to traditional credit scoring methods.
According to its statement, Hope Macy intends for its latest purchase to support “low-income and vulnerable consumers by providing better access to credit”.
For lenders, its statement continues, the merger will ensure “safe lending to vulnerable consumers”, with Hope Macy’s APIs able to identify “the unique risks that are presented by low-income and vulnerable groups”.
Sam Manning, CEO of Hope Macy, says the acquisition of Slick Solutions, based in Cardiff, will enable Hope Macy to offer lenders “one of the largest credit platforms with Consumer Duty at its core, ensuring that consumers achieve good financial outcomes”.
