6 years ago

Aire Raises $11 Million to Enhance Credit Scoring with First-Party Data

  • Aire, a U.K.-based startup focused on improving the credit scoring system, has secured $11 million in Series B funding

  • Led by Crane Venture Partners, the round also saw participation from strategic investors Experian Ventures and Orange Digital Ventures, as well as existing backers White Star Capital and Sunstone Capital

  • The funds will be used to accelerate Aire's growth, particularly in the U.S

  • market, and further develop its credit insights engine

  • Aire's technology aims to provide a fairer credit assessment for consumers with limited credit histories, by utilizing first-party data and employing machine learning to provide lenders with a more comprehensive view of an applicant's financial situation.

      • ProblemFinancial Services

      "Traditional credit scoring systems rely on historical data, which can be unfair to people with thin credit files, especially those new to credit or self-employed individuals. This creates a catch-22 situation where people need credit to build credit history but can't get credit without it."

      Solution

      "Aire uses alternative data sources and machine learning to provide a more comprehensive and accurate credit score. It collects data directly from consumers about their financial situation, including income, expenses, and financial goals. This allows lenders to make more informed decisions and approve more loans for those who are creditworthy but may not have a traditional credit history."

      Covered on