With £4 million in Seed funding and FCA approval, Infact is set to establish a real-time credit bureau tailored for the digital finance landscape. This new venture aims to tackle inefficiencies in traditional credit referencing by offering innovative solutions for both lenders and consumers. Significant backing from prominent investors highlights the potential of Infact’s approach in addressing the evolving needs of the financial sector. The company’s founders bring with them extensive expertise, and this initiative positions Infact as a noteworthy contender in the competitive credit market.
AlbionVC, alongside 13books Capital, Outward VC, Form Ventures, and Portfolio Ventures, spearheaded Infact’s recent funding round. This support underscores trust in Infact’s capabilities and its promise to recalibrate the credit landscape. By building a more comprehensive bureau database, Infact aims to assist challenger lenders and banks in evaluating credit more accurately.
How Does Infact Address Legacy Issues?
Infact targets issues inherent in existing credit reference agencies, which often lag behind changing consumer credit habits. Utilising an API-driven platform, Infact allows lenders to access consumer credit risk insights instantaneously. This advancement benefits lenders by improving credit risk management while offering consumers quicker avenues to develop and restore their credit standing.
What Drives Infact’s Leadership?
Infact’s leadership team, comprised of Will Mason and Andy Milligan, boasts significant credentials from eminent financial institutions such as NatWest and Experian. Their backgrounds equip them with the knowledge required to navigate the intricacies of the credit industry. Mason emphasizes the necessity for a credit bureau that accurately reflects the diverse financial lives of consumers, marking Infact’s ambition to revolutionize credit referencing.
Historically, efforts to improve legacy credit systems faced challenges in adaptation and innovation. Infact’s strategy differs by focusing on real-time data and consumer-centered solutions. Since obtaining credit agency authorization, Infact has successfully engaged leading UK lenders and launched its first product, the Affordability Engine, showing promising adoption and functionality.
The success of this approach is echoed by Jay Wilson of AlbionVC, who acknowledges the founders’ expertise and vision. Infact’s founders aim to mature their credit bureau platform and expand their offerings, setting their sights on becoming a global leader in credit referencing.
Infact is endeavoring to redefine the credit referencing space through comprehensive real-time solutions. The new funding and experienced leadership team will likely enable the company to expand its influence and capabilities in the digital financial market. Their focus on providing lenders with immediate insights and improving consumer credit experiences is a promising step toward addressing longstanding challenges in the industry.
