Crédit Agricole Personal Finance and Mobility and the Fintech Algoan strengthen their partnership on instant financing based on Open Banking

Launched in the fall of 2023, this partnership allows Crédit Agricole Personal Finance and Mobility (“CAPFM”), under the Sofinco brand, to offer an instant financing solution for split payments, which has been extended to consumer credit since June 2024.

Thanks to this partnership, Sofinco can offer its customers split payment options with an instant response to complete their purchases on a number of e-commerce websites.

Once the split payment option is selected in the payment page, the customer is redirected to a journey that enables them to verify their identity and connect their bank account in just a few seconds. The customer securely shares their recent bank transactions.
The bank data retrieved is sent to Algoan via API to assess the customer’s creditworthiness using various risk assessment indicators and to provide a credit score.
This allows CAPFM to provide a firm and immediate response to its customers, even for payments exceeding 4 installments.

This Open Banking-based creditworthiness assessment technology offers multiple advantages: it enables quick and easy access to financing, enhances protection against over-indebtedness for consumers, and ensures better risk management for lenders.

Additionally, this Open Banking journey allows CAPFM to deliver an optimal customer experience with a full mobile experience that takes just a few minutes. This top-quality experience aligns with Sofinco’s broader strategy, having been named Best Mobile Journey* for the third consecutive year.

After several months of collaboration, the results have been positive, and Crédit Agricole Personal Finance and Mobility is satisfied by its partnership with Algoan. CAPFM launched its first journey based on Algoan’s Open Banking score at the end of October 2023 and has seen a positive impact on risk management.

‍« We are proud that the credit decisioning technologies provided by Algoan help position CAPFM as a leading player in instant credit in France, and we hope to quickly expand our collaboration”, said Michaël Diguet, CEO and Co-founder of Algoan.

‍

About Algoan

Algoan is a Fintech revolutionizing the credit industry by offering fairer and more efficient credit decisioning tools.
As a European leader in credit scoring APIs, it provides financial institutions, retailers, and fintechs with decision-making tools that can be applied in multiple use cases such as installment payments, consumer credit, auto financing, loan refinancing, and more.
Powered by Open Banking, Algoan’s solutions can reduce credit risk by up to 50% and increase loan production by up to 40%, while lowering processing costs and offering credit applicants a fully digitalized experience.

‍

About CAPFM

Crédit Agricole Personal Finance and Mobility, a subsidiary of the Crédit Agricole Group, specializes in consumer financing and provides access to all mobility solutions across Europe.
It offers a wide range of financing solutions—installment loans, revolving credit, leasing, and loan refinancing—either directly or through point-of-sale locations and the e-commerce platforms of its partners. These come with associated services such as insurance, installment payment options, and mobility services, all aimed at addressing the challenges of the energy transition in mobility, housing, and consumption. Its financing solutions and services are offered in France under the Sofinco brand.

‍

*https://www.thinkwithgoogle.com/intl/fr-fr/futur-du-marketing/creativite/benchmark-ux-banque-assurance-credit-2023/