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Oakam launches mobile rewards service

Frederic Nze

Personal loans provider Oakam has launched a new in-app rewards feature to encourage the development of positive credit habits.

Oakam Grow gamifies the borrowing experience by enabling customers to earn points when making repayments via the app or referring friends.

The points are redeemable for loan repayments, cash back and store vouchers, as well as earning lower rates on future loans.

Frederic Nze, CEO and founder of Oakam (pictured above), said: “The UK alone is home to 12 million consumers who are underserved by traditional lenders, and digital transformation is sorely needed to expand access to fair credit and bring more people into the financial system.

“Oakam’s digitally led strategy, and the recent addition of Oakam Grow, helps meet this need while providing us with data-driven insights that empower better underwriting decisions that look beyond the traditional credit score.”

The Oakam app was launched in 2015 and currently more than 55% of its customers are regular users.

Oakam expects the latest feature to further drive app downloads and engagement, while lowering cost-to-income ratios by offering financial incentives for good borrower behaviour.

Founded in 2006, the Croydon-based lender has now provided over 425,000 loans to nearly 200,000 customers.

The company is also participating in the FCA’s regulatory sandbox.

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