A FINANCIAL technology start-up whose app promises to revolutionise the way consumers’ suitability for credit is assessed by taking account of spending habits as well as credit ratings has bolstered its top-level team with the addition of HSBC’s former chief risk officer.

Castlight Financial, which is based in the Finnieston area of Glasgow, has taken on Martin Hagerty as its chairman in a move that chief executive Phil 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.”

Castlight’s technology merges an individual’s credit data with information from their bank accounts to allow both them and potential lenders see whether they would be able to service debt.

Mr Grady described this as “the future of finance”, adding that it would “help to protect today’s lenders from a repeat of the global financial crisis”.

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.