Glasgow lending app firm hire former HSBC head of risk

A Glasgow tech firm that has produced a new app that could revolutionise the consumer credit rating game by assessing not only traditional data but also a candidate’s spending habits, has hired HSBC’s former chief risk officer.

Castlight Financial, which was set up two years ago by former Grant Thornton associate director Phil Grady and Creditfix chief executive Pearse Flynn, has signed-up what it has described only as “a big UK-wide mortgage broker” in the venture.

And now, the firm, which is based in the Finnieston area of Glasgow, has taken on Martin Hagerty as its chairman in a move that chief executive Grady said added “another vital component to our fintech jigsaw”.

“Martin’s experience provides Castlight with an in-depth understanding of the needs of our business customers, who are today’s lenders,” Mr Grady said. “By helping to shape Castlight’s technology around these needs we can ensure that faster, more secure and crucially more responsible lending to consumers is facilitated.”

Mr Hagerty said Castlight’s technology “introduces openness and clarity into the lending process and allows lenders to have more meaningful and informed conversations with their customers”.

Prior to joining Castlight Mr Hagerty was head of strategy at Equifax, having previously held a number of roles at banks including HSBC and Standard Chartered.

Castlight’s app works by merging an individual’s credit data with information from their bank accounts, allowing not only the potential lender, but also the consumer, to see whether they have enough cash to service the debt they are seeking to take on.

Castlight is currently actively marketing its app to a range of financial services businesses and the push to market also involves advanced talks with a provider of secured and unsecured loans, the firm said.

Mr Phil Grady, who hopes the new app can open up the credit market to those locked out due to either poor or non-existent credit histories, said the business has ambitions to not just license the innovation multiple times but to find a large company to join forces with for a wider roll-out.