SavvyMoney, a provider of credit score services, has acquired fintech firm CreditSnap for an undisclosed amount.

CreditSnap’s integrations support digital loan, deposit, and account onboarding solutions tailored for banks and credit unions.

SavvyMoney calls the deal a “significant milestone” as it endeavours to develop a digital-first unified platform.

By incorporating CreditSnap's technology, SavvyMoney intends to enhance its partnerships with existing loan origination systems and account opening frameworks.

Financial institutions will now have the opportunity to provide a comprehensive experience by combining SavvyMoney's “demand-generation” features with CreditSnap's adaptable integration methods, the credit score solutions provider said in a statement.

This collaboration seeks to enhance the overall consumer experience in financial services.

SavvyMoney president and CEO JB Orecchia said: “This is a pivotal moment in SavvyMoney's journey.

“Our financial institution partners are looking for ways to grow without adding operational burden.

“By combining SavvyMoney's ability to drive high-intent demand with CreditSnap's flexible integration solution, we're delivering a comprehensive digital experience for both lending and deposit growth—one that works with, not against, their existing systems.”

CreditSnap's technology is said to have already assisted banks and credit unions in modernising their digital origination processes.

The integrated platform is designed to align “seamlessly” with current lending and deposit systems.

This enables financial institutions to enhance their consumer experience without necessitating a complete revamp of existing infrastructures.

CreditSnap CEO Deepak Polamarasetty said: “We built CreditSnap to help financial institutions deliver the digital experiences today's customers expect by leveraging current integrations along with proprietary technology.

“Joining SavvyMoney allows us to offer a true end-to-end integrated solution that meets the needs of our partners and their solution providers at scale.”

"SavvyMoney broadens fintech offerings with CreditSnap acquisition" was originally created and published by Retail Banker International, a GlobalData owned brand.

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