Zopa has partnered with new app, Pariti, to help customers discover money saving opportunities for expensive debt such as credit cards.
Zopa’s newest partnership
This is the latest Zopa partnership to utilise our proprietary loan application service API, which launched in May this year and has been used to power our partnership with Unshackled. The API allows like-minded financial disruptors to tap into our proprietary lending technology, risk expertise, and peer-to-peer funding model to bring our award-winning loans to their customers.
Commenting on the new collaboration, Zopa’s CEO, Jaidev Janardana, said, “This latest partnership demonstrates the versatility of Zopa’s new loan API. The API is already being used in online retail, and the implementation of our Pariti partnership marks its first use in a fully integrated, in-app application process.”
Working with Pariti
Pariti is a brand new money management app, designed to help millennials save faster, spend wiser and clear their debt.
It connects to a user’s existing bank accounts, analyses their spending history, and uses this holistic view of a user’s finances to better understand their financial standing and deliver relevant low cost financial products via partners such as Zopa.
How Zopa and Pariti work together
Pariti users can discover if they could be paying less for their debt without affecting their credit score and can apply directly for a Zopa debt consolidation loan through the app.
Pariti founder, Matthew Ford, said, “The market desperately needs more transparent and consumer-orientated financial products, and we simply don’t see enough of this coming from the banks. The recent CMA investigation into retail banking highlighted the need for technology disruption and the benefits of open banking; this partnership with Zopa is a great example of how such a business model can work to really help benefit the consumer.”
Zopa’s CEO, Jaidev Janardana, added, “Our own research shows that many consumers could save money by swapping out expensive credit card debt for a lower-priced Zopa loan, and by working with Pariti we are able to offer this service to even more consumers. We are very excited to be working alongside this likeminded financial disruptor to build the new generation of fairer, more transparent financial services.”
Find out more about Zopa Partnerships.
Jack Percival is Zopa’s Partnerships Lead.