Experian will add Cazana’s vehicle valuation data to its customer credit data as part of a deal designed to improve understanding of risk in the automotive sector.
Cazana’s AI technology aims to provide an accurate view of the current and future value of vehicles. This plays an essential role in the lending process, ensuring a low risk, fair priced finance product is offered to car buyers.
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Lisa Fretwell, managing director of data services at Experian, said: “Our partnership with Cazana is really exciting for our automotive customers as they use data to create a competitive advantage for their businesses.
“Cazana brings real advantages in vehicle valuation data to increase accuracy throughout the lending lifecycle, allowing our customers to make better decisions, sharpen their business effectiveness and drive customer loyalty.”
Tom Wood, chief executive at Cazana, added: “We’re extremely excited to have partnered with Experian to bring our vehicle data to more lenders within the UK financial services sector. Experian’s reach and creditability in this sector is unparalleled and we’re delight that they have chosen to partner with Cazana as a preferred valuation provider within the sector.
“We’re very pleased to have secured a distribution partner in Experian which will really accelerate our mission to become global vehicle valuation provider of choice.”
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By GlobalDataIn March this year, Cazana secured £1.5m in a Crowdcude funding round, led by Passion Capital, previous backers of Monzo and Nested. The total raised represents almost 160% of the firm’s original investment target, meaning Cazana became one of the first companies ever to overfund in the initial private round on the Crowdcube platform.
Robert Dighero, partner at Passion Capital, added: “The fact the public have so enthusiastically backed Cazana with this overfund shows that the services it offers are in high demand, with businesses and consumers both greatly benefiting from the shared insight.”
