Peer-to-peer lending platform Zopa is partnering with UK money management app Pariti to help users find out if they could be paying less for their debt and apply for consolidation loans directly through Paritiâ€™s platform.
Paritiâ€™s app connects directly to a user’s bank account to help them manage their money and set targets. The company claims 70,000 users and says the partnership with Zopa is the first step in its aim to create a ‘marketplace bankâ€™ for millennial consumers that it will continue to make further partnerships to expand.
â€œUK consumers are getting ripped off by credit card companiesâ€, Pariti founder Matt Ford comments.
â€œIntroductory offers, confusing fees, and unsuitable products have meant that people are paying far too much to borrow, and are getting stuck in high-cost debt. The product integration with Zopa allows us to proactively help reduce their cost of borrowing and pay off debt faster.â€
Pariti raised a $710,000 seed round in September last year from angel investors as well as London VC Index Ventures.
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