UK AI-led fintech Abound announces new funding round to increase access to fair credit, expanding total funding to up to £1.3bn
Summary
The new funding includes a multi-year asset backed debt financing arrangement (backed by loan originations) from existing financier Citi, while the Series B equity round component was led by Silicon Valley-based GSR Ventures.Abounds AI technology, Render, scans customers bank transaction data to understand each persons unique financial situation and determine how much they can afford to repay each month. We strongly believe that this is the future of lending.The Credit scoring system is dated and omits crucial pieces of the puzzle, like whether someone can actually afford to repay the loan. Their data-driven approach allows for more accurate risk assessments, enabling them to extend affordable credit to a wider range of customers in the UK and internationally. Abound is a financial service that uses Open Banking and artificial intelligence to provide borrowers with more affordable loans compared to traditional lenders. Render is Abounds proprietary AI-powered credit technology platform that scans customers Open Banking data to instantly calculate how much they can afford to borrow.