The deal helps JG Wentworth foray into consumer lending space. Credit: Igal Ness on Unsplash.

US-based financial services firm JG Wentworth has announced the acquisition of the digital lending platform from Stilt.

JG Wentworth did not disclose the terms of the transaction, which is aimed at accelerating its foray into the consumer lending space.

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The financial services provider aims to leverage fintech’s capabilities to provide financial solutions to everyday consumers.

JG Wentworth plans to integrate Stilt’s proprietary data sets with over $5bn in loan applications and more than 2.5 million bank transactions with its own customer engagement record.

The integration is anticipated to provide risk insights into consumer behaviour via deep data analytics.

By acquiring the digital platform, JG Wentworth hopes to provide consumers with a hybrid loan origination model that has fully automated as well as personalised customer service potential, depending on the need of consumers.

The firm plans to initiate loan originations in the first half of 2023.

JG Wentworth president and chief strategy officer Joseph Toms said: “This exciting acquisition and our entry into the consumer lending space will allow us to provide more products to the many customers that are already engaging with JG Wentworth daily. Stilt’s digital platform will allow our customers to interact through a mobile app, our website, telephonically or a combination of these options.

“The Stilt acquisition also provides unique historical customer credit data to JG Wentworth’s data analytics team that, through robust data analysis and credit modelling, will help us make better underwriting decisions that will provide our investors with strong risk-adjusted returns.”

Stilt CEO Rohit Mittal has joined JG Wentworth as SVP of lending.

Mittal said: “JG Wentworth’s strong brand awareness and its unique position amongst consumers provide a powerful customer acquisition engine. With Stilt’s complementary digital platform and proprietary consumer credit data, the Stilt team is excited to be part of JG Wentworth and help launch its lending business.”