Reevo Money, a new personal loan provider, has launched in the UK to help people access credit.
It is the second client-facing brand to be launched by Amplifi Capital, a London-based fintech company specializing in near-premium lending.
Reevo Money, which is fully authorized and regulated by the FCA, says it will offer customers “instant quotes” for loans that won’t show up on a credit report, “better” APRs compared to traditional lenders not services, UK-based customer support and no hidden handling fees.
“Customers close to first choice have few choices in today’s market, typically receiving a limited selection of very high-interest offers,” the company says, as it intends to target a market it sees as poorly served.
Using cloud-based infrastructure and open banking, Reevo Money says it aims to provide loans to customers who have a bad credit history or irregular income, as well as new borrowers or those “who don’t check not the conventional boxes”.
“For too long the industry has taken advantage of those in financial difficulty,” says Tobias Gruber, CEO of Amplifi Capital.
The company adds that its ultimate goal is to help people build their credit rating, “so they can go from being a near-prime borrower to a prime borrower and experience financial freedom.”