a year ago

UK Fintech Abound Raises £800M to Expand Access to Fair Credit

  • Abound, a UK fintech company, has secured up to £800 million in debt and equity funding

  • The company uses AI to assess creditworthiness and offer lower interest rates to consumers

  • The new funding will be used to expand into prime lending in the UK and to roll out Abound's proprietary AI credit technology platform, Render, globally.

      • ProblemFinancial Services

      "The traditional credit scoring system is outdated and doesn't take into account a person's ability to repay a loan. This leads to unfair interest rates and excludes many people from accessing credit."

      Solution

      "Abound uses AI to analyze a person's bank transaction data to determine their affordability and offer more accurate and personalized credit decisions. This allows them to offer lower interest rates to people who might otherwise be excluded from the traditional lending market."

      Covered on