Last Updated on: 21st November 2024, 08:42 am
Hope Macy, a Financial Conduct Authority (FCA)-regulated Payments Institution and Credit Reference Agency, has finalised the acquisition of Slick Solutions. Known for its Family Connect app, which prioritises protecting individuals from financial harm, Hope Macy is leveraging this acquisition to enhance access to credit for low-income and vulnerable groups through Slick Solutions’ advanced loan origination platform.
The acquisition integrates Hope Macy’s leading consumer technology—widely used by major retail banks—into Slick Solutions’ trusted full-service loan platform. Slick Solutions serves over 20 major organisations, including responsible lenders, credit unions, and retail banks. This partnership enables lenders to make faster and more accurate decisions, driven by data and consumer welfare. It also aids lenders in achieving compliance with consumer duty regulations, while simultaneously cutting costs and unlocking new income streams.
Hope Macy’s use of advanced machine learning allows its APIs to predict both the likelihood and timing of loan defaults without relying on traditional credit scores. These scores often disadvantage individuals with limited or no credit history, providing a fairer assessment for vulnerable groups.
From initial application through to payment and collections, Hope Macy’s regulated APIs now streamline the loan process. Consumers benefit from improved protection against financial harm, greater access to affordable credit, and reduced risks and costs. Meanwhile, lenders gain the ability to provide tailored financial solutions and ensure safe, informed lending practices for low-income and vulnerable groups. Additionally, Hope Macy’s APIs are specifically designed to identify risks unique to these populations, enabling lenders to offer responsible and inclusive lending.
Slick Solutions has built a reputation for transforming loan processing. Its offerings include automated credit agreement reviews, enhanced services for FCA consumer duty compliance, and streamlined capital provision for financial institutions. The company now delivers a comprehensive loan origination platform, featuring a full suite of API services to evaluate and manage applications. Moreover, its state-of-the-art payment gateway provides enhanced control over transactions, offering a more streamlined and economical alternative to traditional systems.
As the number of low-income and vulnerable consumers grows, the combined resources of Hope Macy and Slick Solutions provide a vital solution to the increasing demand for fair and efficient financial services.
Sam Manning, CEO of Hope Macy, said: “This acquisition is transformative. We wanted to protect consumers from financial harm, and the starting point is the credit process. By placing ourselves right at the start, we can assist lenders in making better decisions and advancing FCA consumer duty. Building on our experience in the vulnerable consumer sector, we offer lenders one of the largest credit platforms with consumer duty at its core, ensuring that consumers achieve good financial outcomes.”
Luke Scowen, CEO of Slick Solutions, remarked: “This is a game-changing moment for the credit industry. By merging our powerful technologies and regulatory permissions, we’re setting a new benchmark for efficiency, speed, and cost savings across the board. We put the duty to protect consumers at the start of the credit journey and offer our lenders high-quality loan management services. This way, both consumers and our business clients benefit.”
Square One Law, an ethical B Corp operating in Newcastle, Leeds, and Darlington, advised Obrenza on the transaction.
Ashraf Ali, Corporate Partner at Square One Law, commented: “We were delighted to advise Obrenza on this strategic acquisition and enjoyed working alongside their team to bring together two leading ethical consumer finance technology businesses. This merger marks a significant step forward, with Slick Solutions’ loan origination platform perfectly complementary to the Obrenza existing technology offering. The result will empower financial institutions to provide even greater support to low-income and vulnerable consumers. It has been a pleasure to work with the team and be able to contribute to a transaction that aligns so closely with our own values of integrity and client-first commitment.”
Ashraf worked with colleagues Vanessa Middleton, Helen Brain, Emily Warman, and Dominika Cudak to support the deal.
