Having opened a waitlist in 2021, Credit Builder is now available and being used by selected customers in an early access programme ahead of being made generally available to UK customers over the coming months.

Monese’s Credit Builder will enable customers to build their credit history and improve their reputation with the three main UK credit agencies and lenders. With a better credit history, customers will be also able to access better value borrowing deals.

Credit Builder is aimed at those who struggle to access credit because they are credit ‘invisible’ and have little or no credit history. If you have never borrowed, which is especially true of younger people, or if you have never borrowed in the UK, then you will not have any credit history with UK credit agencies. Credit invisible consumers face fewer options when it comes to borrowing money. For example, asking friends or family for loans, applying for high-cost credit such as payday loans, or going without.

In 2021, it was estimated that there are nearly 5.2 million people in the UK who are excluded from financial services because they are ‘credit invisible’. (1)

Garrett Cassidy, VP Credit at Monese, said: “Customer feedback has made it clear that access to credit is a persistent and real challenge in the UK. After the pandemic hit, we asked our customers what features they needed the most from an account. Access to credit always came out on top. The problem is that many of them are locked out of credit because they are credit invisible, so we can say with some confidence that our customers need Monese’s Credit Builder.

“Many of our customers are also gig workers, side-hustlers, creatives and go-getters who struggle with accessing credit in the UK. We know that if anything happens to their bike, laptop or equipment, their livelihood is in danger. Credit is a critical part of them getting back on track and being able to earn and support themselves and their families.”

The launch of Credit Builder swiftly follows Monese’s acquisition of Trezeo, an FCA authorised financial services provider and lender serving independent and self-employed workers, in December 2021.