Alchemy Technology Inc. and Equifax Inc. (NYSE: EFX) today announced a new partnership to drive FinTech innovation.
The relationship is designed to help banks, specialty financing firms and FinTech startups accelerate their time to market with easily deployable white labeled lending solutions. The two companies will make the "tech" in FinTech available to organizations of all sizes with a powerful combination of the Alchemy Lending Operating System and Equifax data analytics, credit, identity and income verification solutions.
Alchemy Technology is a lending-as-a-service organization founded with the belief that technology, analytics and operations should be executed in concert. The company's Alchemy Lending Operating System was purpose-built to specifically address the credit needs of today's digital consumers in an increasingly mobile economy, enabling automation and real-time underwriting for banks and FinTechs alike. Designed for ease of use, the Alchemy Lending Operating System does not require costly additional IT infrastructure or staff. New financial products can be up and running in weeks, and are true white labeled solutions without third-party branding.
"Equifax brings technology leadership and a strong vision for the future of FinTech to their work in the market," said Timothy Li, Founder of Alchemy Technology, Inc. "The combination of Alchemy and Equifax strengthens the FinTech ecosystem with a commitment to ongoing innovation in lending solutions. We are looking forward to working with Equifax and to advancing the FinTech industry as a whole."
Equifax is helping to define the future of digital finance. As consumers gain more choice and control in where, when and how they interact with banks and lenders, Equifax is delivering insights across the entire customer lifecycle. Identity verification services, credit risk decisioning and fraud prevention and detection solutions help banks and FinTechs to raise productivity and increase growth. Equifax also helps lenders to understand consumers' financial trajectories, translating data into actionable insights.
"As a FinTech company ourselves, we understand that speed of innovation is critical to success," said Sharla Godbehere, AltFi and FinTech Leader at Equifax. "Our industry is moving fast, and whether you're a 150-year old bank or a newly minted FinTech startup, you need easily deployable solutions that anticipate changing consumer credit needs. We have a dedicated focus on FinTechs and alternative lenders allowing access to data and the ability to provide more options to consumers looking for financial services. Our relationship with Alchemy is based on a mutual commitment to helping financial institutions of all sizes launch new products, ideas and finance verticals quickly and powerfully."