Risk management and credit reporting agency TransUnion is boosting its marketing expertise this week with the acquisition of TruSignal. Financial terms of the deal, which marks TransUnion’s 15th acquisition, were undisclosed.
TruSignal is a target marketing specialist that offers businesses optimization, monetization, and targeting solutions that leverage AI-powered predictive scoring. TransUnion said that combining TruSignal’s capabilities with its in-house technology will help it operate at scale while still allowing people to have personalized interactions with companies in real-time.
TransUnion President and CEO Chris Cartwright said that TruSignal’s marketing solutions will allow the firm to “rapidly and flexibly serve the evolving digital marketing ecosystem.” Matt Spiegel, EVP of digital marketing solutions and head of media at TransUnion added, “Our history of leveraging data to develop rich insights and products, combined with TruSignal’s industry-leading rapid modeling and technology platform, has the potential to be a critical part of shaping the future of the industry and how consumers will experience the brands they engage with.”
Having access to TruSignal’s technology will help TransUnion enhance its marketing products, building on the partnership the company formed last month with Tru Optik. TransUnion’s marketing offerings currently include audience segmentation for digital marketing, customer acquisition, and customer engagement tools.
Founded in 1968, TransUnion has office locations at its headquarters in Chicago, as well as in Hong Kong, Mumbai, Toronto, Johannesburg, Colombia, and Brazil. At FinovateFall 2016, TransUnion showcased Prama, a suite of analytics tools that helps lenders gain market intelligence and act on insights to drive growth and build a risk policy. TransUnion is a public company with a market capitalization of $12.3 billion, trading on the NYSE under the ticker “TRU.”
Last month the company led a $24 million funding round for digital identity authentication provider Payfone. A few days prior to that announcement, TransUnion completed the sale of U.K. credit reporting service Noddle to fellow Finovate alum Credit Karma.
Digital identity authentication provider Payfone closed a $24 million funding round today. Credit reporting agency TransUnion led the round, while existing investors Synchrony, MassMutual Ventures, and Wellington Management also contributed. The investment brings the New York-based company’s total funding to $117.6 million.
TransUnion’s investment comes in conjunction with a strategic partnership between the two companies, which have been doing business together since 2017. The Chicago-based company will integrate Payfone’s Trust Platform and Trust Score into its IDVision with iovation suite of products.
“Within this new strategic partnership, we anticipate supporting Payfone’s expansion to new markets and looking at other uses of their products throughout our organization,” said Geoff Miller, senior vice president of global fraud and identity solutions at TransUnion. “We are both committed to protecting consumers, focusing on data privacy and building trust with our customers, and the combination of our solutions will create a better, more seamless experience for everyone.” Miller will join Payfone’s Board of Directors.
TransUnion will serve as Payfone’s primary partner for regulated identity verification information. Payfone CEO Rodger Desai said, “With our partnership with TransUnion, we can now leverage TransUnion’s footprint of more than 30 countries to help expand our Trust Score around the globe, allowing billions of additional consumers to safely access digital services.”
Payfone, which was founded in 2008 as a mobile payments company, demoed1-Touch Checkout at FinovateFall 2012. The New York-based company has since pivoted to focus on authentication solutions.
Last year, Payfone authenticated 20 billion transactions for Fortune 500 companies using its zero-knowledge architecture (if you’re unsure what zero-knowledge is, check out Payfone’s blog post on the matter). The company plans to double the number of transactions authenticated this year.
Founded in 1968, TransUnion has office locations at its headquarters in Chicago, as well as in Hong Kong, Mumbai, Toronto, Johannesburg, Colombia, and Brazil. At FinovateFall 2016, TransUnion showcased Prama, a suite of analytics tools that helps lenders gain market intelligence and acts on insights to drive growth and build a risk policy. TransUnion is a public company with a market capitalization of $13.3 billion, trading on the NYSE under the ticker “TRU.”
Credit reporting agency and risk solutions provider TransUnion is taking steps to help lenders to comply with the new Current Expected Credit Loss (CECL) accounting rule. The company is partnering with operations management and analytics company EXL to facilitate the change.
The partnership will allow TransUnion to create a CECL Credit Loss Calculator to help lenders forecast losses under CECL, since the new guidelines change the methodology used to calculate loan loss allowances. The tool combines EXL’s analytics capabilities with TransUnion’s de-personalized credit data to create a platform that complies with all CECL reporting guidelines, which alter how banks calculate loan loss.
“Many players in the industry are describing CECL as the biggest change to bank accounting standards in years,” said Jason Laky, SVP and consumer lending business leader at TransUnion. “While large banks have more resources at their disposal to adapt, we believe the majority of small to mid-sized lenders will not have the ability or capacity to comply internally and may face challenges as they prepare for the rollout of this new rule.”
Using the Credit Loss Calculator, lenders can leverage their own portfolio data or automatically import data reported by TransUnion. The tool allows lenders to adjust for macroeconomic scenarios, apply overlays, and adjust the models for different credit products, including mortgages, auto loans, and revolving credit.
Founded in 1968, TransUnion is headquartered in Chicago, Illinois with office locations in Hong Kong, Mumbai, Toronto, Johannesburg, Colombia, and Brazil. At FinovateFall 2016, TransUnion showcasedPrama, a suite of analytics tools that helps lenders gain market intelligence and acts on insights to drive growth and build a risk policy. Last month, the company acquired device intelligence firm iovation. TransUnion is a public company with a market capitalization of $13.4 billion, trading on the NYSE under the ticker “TRU.”