Glasgow in sights of fintech aiming to disrupt lending market
A fintech start-up founded by a Glaswegian entrepreneur is aiming to disrupt the lending market with a “totally new and fair approach” – and set to roll out low-cost loans for public sector workers in locations including Glasgow.
Salad Money, founded by Debt Hacker campaigner Alan Campbell, is looking to “smash the monopoly” of credit reference agencies and tap into open banking and artificial intelligence.
The company, which says it is the first open banking powered lender, said it is opening up affordable credit to 85 per cent of applicants who were previously excluded from credit or paying sky-high annual rates.
Salad Money said its “revolutionary” new method of credit decisioning will disrupt the entire lending market by showing that loan affordability and risk can be assessed “much more reliably and fairly judged” by using open banking metrics.
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