In 2020, Robert Pasco co-founded a successful personal loan company called Plend which is revolutionising the way cash can be lent to millennials with low or no credit scores. Plend provides low-cost financing via its bespoke open banking-led credit risk model and is proving popular with customers and investors alike.
Essentially, the model ditches traditional credit scores and instead uses a variety of indicators to offer cheaper loans to customers who would otherwise find borrowing impossible. The PLEND Score® assesses borrowers’ affordability rather than solely relying on their credit score. It focusses on what people earn, which industry they work in, whether they pay their subscriptions on time and how they spend their money.
Investors approve of his new scoring system and in November 2022, Robert and his partner were able to raise $45 million in seed capital.
Robert arrived at the idea for this scheme after he went bankrupt in 2017. He had moved from New Zealand to the UK but with no credit history he was forced to turn to high-interest credit cards just to afford to live in London. He eventually solved his troubles but the experience taught him that people need access to affordable credit and that was the start of Plend.