US-based digital lender Varo Bank has turned to RiskExec, a unit of Asurity Technologies, for software to conduct fair lending analytics.
RiskExec is a software-as-a-service (SaaS) platform that caters to all types of lenders including banks, mortgage lenders, credit unions, and auto finance providers, among others.
Insights and analytics provided by RiskExec can be used by clients to track, assess, and manage their progress in relation to regulatory compliance.
The solution will be used by Varo Bank for its Varo Advance and Varo Believe offerings.
With RiskExec, Varo Bank is expected to gain access to data needed to evaluate lending dispositions, compare pricing, and make lending decisions across regions, census tracts, protected class groupings, and other factors.
Varo Bank fair and responsible banking officer Caryn Becker said: “With RiskExec’s intuitive and scalable data management platform—and its powerful analytics engine—more hardworking Americans will have access to short- and long-term credit.
“At Varo we believe in supporting everyday consumers striving to reach their financial goals and creating solutions for all that foster true economic mobility.”
RiskExec president Anurag Agarwal said: “We at RiskExec are gratified by Varo Bank’s decision to make our technology solutions an integral part of its overall commitment to fair and equitable lending practices.
“RiskExec’s team of domain experts strives to provide the most up-to-date, robust, and easy-to-use capabilities, so that our clients have the best information available to inform their critical business judgments.”
Last month, Fintech Business Weekly reported that Varo Bank is looking to raise $50m in equity funding.